Trust, Governance, And Resilience Will Define The Next Phase Of Insurance In India

India's insurance sector has evolved significantly over the last two decades. How would you describe the phase the industry is in today?

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India's insurance sector is currently evolving. The industry is moving away from a growth model driven largely by volumes to one that places greater emphasis on sustainability, capital strength, and sound governance. While growth continues, the focus today is clearly on underwriting quality, financial discipline, and long-term resilience.

This shift has been supported by steady economic expansion, regulatory reforms, and wider adoption of digital processes. There is also a far broader awareness of risk today—across health, climate events, travel disruptions, liability, and cyber threats—which has expanded the relevance of insurance beyond traditional protection. Together, these factors are shaping a more mature and credible insurance ecosystem in India.

As TATA AIG completes nearly 25 years in India, how has the company evolved alongside these changes in the market?

Over the past 25 years, the company has evolved from a new private-sector entrant into a diversified general insurer with a balanced presence across retail and commercial lines. This journey has been guided by a consistent focus on governance, customer trust, and long-term institution building.

As the market evolved, we strengthened our underwriting frameworks, invested in claims capabilities, and steadily enhanced our use of technology. At the same time, the organisation adapted its product portfolio to reflect changing customer and business needs, while remaining firmly anchored in the Tata Group's values of integrity, transparency, and responsibility. This approach has allowed the company to grow while maintaining credibility with customers, partners, and regulators.

Insurance is often described as a trust-based business. From your perspective, what are the most important drivers of trust in this sector?