The Financial Services Institutions Bureau (FSIB) has recommended Lavanya Mundayur, chairperson and managing director of Agriculture Insurance Company of India Limited (AIC), for appointment as chairperson and managing director of The New India Assurance Company Limited, according to an announcement on Thursday.
The recommendation would mark a return to New India Assurance for Mundayur, who spent more than 30 years with the insurer before moving to AIC. Prior to joining AIC, she served as general manager and chief underwriting officer at the state-owned insurer.
Mundayur currently heads AIC, a position she has held since December 2024. A postgraduate in analytical chemistry, she is a fellow of the Insurance Institute of India and a qualified reinsurance specialist from the Singapore College of Insurance.
During her career at New India, Mundayur held a range of leadership positions across underwriting, claims and corporate business. Her overseas assignments included serving as deputy general manager for Dubai and the Northern Emirates, as well as heading marine and energy claims at India International Insurance in Singapore.
She brings more than three decades of experience in the insurance industry, spanning domestic and international markets, including responsibility for marine, energy, reinsurance and large corporate portfolios.
If confirmed, she will take the helm of India’s largest non-life insurer by premium volume after previously serving as its chief underwriting officer.
