LtoR-Girija Subramanian, CMD, New India Assurance,G Srinivasan,MD&CEO,Galaxy Health Insurance,SK Kanwar, Advisor, Reliance Industries,BCPatnaik, Director, National Insurance Academy and Amit Roy,Partner and Leader- Insurance & Allied Businesses · PwC India at the Indian Insurance Summit in Mumbai

“I have seen him first as an insurer and later as a customer dealing with international reinsurers. He seamlessly transformed himself from an insurer into a sophisticated buyer of reinsurance. I have watched him negotiate with global reinsurers who were amazed by his knowledge, technical expertise and understanding of risk,” G Srinivasan, MD&CEO, Galaxy Health Insurance and former CMD of NIA

Mumbai:New India Assurance (NIA), India’s largest multinational general insurer, conferred its ‘Legacy of Excellence Award’ on industry veteran S.K. Kanwar, former Chairman and Managing Director of the company and currently an advisor to Reliance Industries, in recognition of his extraordinary contribution to the Indian insurance sector spanning more than six decades.

Presenting the citation at the Indian Insurance Summit,held recently in Mumbai, Mary Abraham, general manager, NIA, described Kanwar as the “Bhishma Pitamaha of the Indian insurance industry.”

“It is indeed a great honour for us to express our gratitude to this stalwart of the insurance industry by felicitating him,” she said.

The citation praised Kanwar’s remarkable journey, which began in 1960 during the pre-nationalisation era, acknowledging his rise through the ranks with integrity, professionalism and visionary leadership.

“We recognise your remarkable journey in the insurance industry, which began in 1960 during the pre-nationalisation era, rising through the ranks with integrity and distinction. We acknowledge your enduring legacy, reflected not only in business achievements, but also in the culture of professionalism, integrity and public service that you helped strengthen. We are privileged to honour you for a distinguished career that has enriched the insurance industry and continues to inspire generations of insurance professionals,” the citation read.

The award was presented by G. Srinivasan, CEO and Managing Director, Galaxy Health Insurance, who paid glowing tribute to Kanwar’s leadership and mentorship.
Srinivasan also is a former CMD of NIA.

Accepting the honour, Kanwar reflected on his six-decade-long career, recalling that he joined the industry in 1960, when India had 106 insurance companies.

“I was trained by the New Zealand Insurance Company. The training was rigorous and comprehensive, and it has stood me in good stead throughout my career. At that time there were 106 insurance companies—54 foreign and 52 Indian,” he recalled.

However, Kanwar expressed concern over the current state of the Indian general insurance market, particularly the erosion of underwriting discipline.

“Today, there is no underwriting discipline. Whatever the client wants, the market is willing to offer. Even for natural catastrophe (NatCat) risks, discounts of 60-70 per cent are being given. With a no-claim discount, the overall concession can rise to as much as 90 per cent. This is not sustainable. We must restore underwriting discipline in the industry,” Kanwar said.

“SK Kanwar is a role model for the entire industry. I have worked very closely with him for decades. He is a phenomenal personality whose contribution is difficult to describe,” Srinivasan said.

He credited Kanwar with enhancing the prestige and global standing of the Indian insurance industry.

“He has made a phenomenal contribution to the image and reputation of Indian insurance, not only within the country but also in international markets,” he said.

Recalling his long association with Kanwar, Srinivasan said he had seen him excel in multiple roles.

“I have seen him first as an insurer and later as a customer dealing with international reinsurers. He seamlessly transformed himself from an insurer into a sophisticated buyer of reinsurance. I have watched him negotiate with global reinsurers who were amazed by his knowledge, technical expertise and understanding of risk,” he said.

Calling Kanwar his mentor, Srinivasan added, “For me personally, he is a guru and a role model. His contribution to the Indian insurance industry is immense, and his journey is far from over. We continue to look forward to his guidance for many more years.”

Srinivasan also endorsed Kanwar’s concerns about the industry’s pricing practices.

“Today, he highlighted one of the most pressing problems facing the insurance industry. We certainly need artificial intelligence, but we equally need natural intelligence. The absence of the latter is reflected in the kind of rates we continue to quote. I have often said that suicidal pricing tendencies are embedded in the DNA of the Indian insurance industry. Hopefully, that will change with guidance from leaders like him. It is in the interest of both insurers and customers,” he remarked.