Consider the following statements regarding the IRDAI Annual Report for FY 2023–24:
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The claims ratio of the non-life insurance industry declined to 82.52% in FY24 from 82.95% in FY23.
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India’s insurance penetration increased from 3.7% in FY23 to 4% in FY24.
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The non-life insurance sector posted a combined net profit of Rs 10,119 crore in FY24, reversing a loss in FY23.
Which of the above statements is/are correct?
1
Only 1 and 3
2
Only 1 and 2
3
Only 2
4
Only 3
5
All Statements are correct