However, the growth of the insurance and pension sub-sectors of the finance industry can be described as being on a gradual trend despite the existence of lower income groups who seem to have cut themselves out from the benefits of both industries. This could be hinged on the fact that the penetration rate has remained at an average of 0.4 percent of gross domestic product (GDP), a situation largely driven by a general lack of understanding and awareness of the inclusive benefits of insurance products, unambiguously, amongst low-income households.
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