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ICICI Lombard CEO on IRDAI
ICICI Lombard General Insurance MD & CEO Sanjeev Mantri has said that the Insurance Regulatory and Development Authority of India’s (IRDAI) proposed distribution reforms should be viewed as an opportunity to strengthen the insurance sector rather than a regulatory burden.
Speaking at the Association of Risk Managers’ annual conference, Risk Next, Mantri said the industry recognises the need for reforms aimed at improving transparency, cost efficiency and policyholder protection.
He emphasised that insurers should approach regulatory changes with commitment, adding that the ongoing consultation process would allow stakeholders to share their concerns and suggestions.
According to Mantri, the proposed reforms could encourage insurance companies to focus more on customer service, innovation and operational efficiency, ultimately creating a stronger insurance ecosystem.Highlighting emerging risks, Mantri expressed concern over rising natural catastrophe losses and the significant gap between economic losses and insured losses.
He cited global catastrophe losses exceeding $100 billion during the first nine months of the year, noting that a substantial portion remained uninsured.Mantri said India’s economic growth and rapid asset creation would increase exposure to risks, making wider insurance coverage increasingly important.
He also highlighted the importance of preparedness and resilience, citing lessons from major global incidents, including the 9/ 11 terrorist attacks and the cancellation of major sporting events during the COVID-19 pandemic.
Mantri stressed that insurance coverage alone cannot eliminate risks. Regular safety drills, physical preparedness and effective risk management practices are equally essential to minimise losses.
He said the future would not be risk-free, but businesses and individuals could become better prepared to manage emerging threats.Mantri expressed confidence that regulatory reforms, combined with innovation and stronger risk management practices, would help build a more transparent, resilient and customer-focused insurance industry.
Anurag Shah is a News Editor with the Times Group, reporting for ET NOW and ET NOW Swadesh with a core focus on Insurance, Taxation, and India’s financial ecosystem. He hosts the weekly shows Insurance Mantra and Tax Mantra, and anchors several high-impact special broadcasts for the network. With over 15 years of experience in business journalism, Anurag has covered key sectors including Real Estate, Retail, Banking, and major regulatory institutions such as SEBI, RBI, and IRDAI. He has produced influential investigative stories and delivered exclusive interviews with top policymakers and corporate leaders, including Finance Minister Nirmala Sitharaman. Anurag is an alumnus of SIMC Pune and holds a law degree from Mumbai University.
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