Lavanya R Mundayur, currently CMD of Agriculture Insurance Company of India, will head New India Assurance until May 31, 2029.
New India Assurance Company Ltd (NIACL) has appointed Lavanya R Mundayur as Chairman and Managing Director (CMD). The appointment has been approved by the Central Government.
According to an order issued by the Department of Financial Services (DFS), Ministry of Finance, Mundayur will serve as CMD until May 31, 2029.
Mundayur is currently serving as CMD of Agriculture Insurance Company of India Ltd (AICIL). The government-owned insurer specialises in crop and agricultural insurance.
New India Assurance gets new CMD
The DFS order said Mundayur will draw a salary in the pay scale of Rs 2,05,400-Rs 2,24,400.
Her appointment marks a leadership change at New India Assurance. The company is a listed public-sector general insurer, with the Government of India as its promoter.
Mundayur will take charge of the insurer as it operates across multiple general insurance segments and markets.
New India Assurance operates across insurance segments
Mumbai-headquartered New India Assurance has operations across India. It also has an international presence.
The insurer offers a range of general insurance products. These include motor, health, fire, marine and other commercial insurance products.
The company serves both retail and commercial insurance segments.
Mundayur brings public-sector insurance experience
Mundayur’s move from Agriculture Insurance Company of India to New India Assurance brings experience from the public-sector insurance segment.
AICIL specialises in crop and agricultural insurance. Mundayur has been serving as its CMD before her appointment at New India Assurance.
Her appointment comes as India’s general insurance sector continues to see greater competition and digital adoption.
The sector is also witnessing growing demand across retail and commercial insurance products.
Source: PSU Watch
