New Delhi: The Central Government on Wednesday approved the appointment of Lavanya R Mundayur as Chairman and Managing Director (CMD) of New India Assurance Company Ltd (NIACL), one of the country's largest public-sector general insurers.

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According to an order issued by the Department of Financial Services (DFS) under the Ministry of Finance, Mundayur has been appointed to the top post until May 31, 2029.

Mundayur is currently serving as CMD of Agriculture Insurance Company of India Ltd (AICIL), a government-owned insurer specialising in crop and agricultural insurance.

The DFS order said Mundayur will draw a salary in the pay scale of Rs 2,05,400-Rs 2,24,400.

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Her appointment marks a leadership transition at New India Assurance, a listed public-sector general insurance company in which the Government of India is the promoter.

Mumbai-headquartered New India Assurance has operations across India as well as an international presence and offers insurance products across segments including motor, health, fire, marine and other commercial risks.

Mundayur's move from AICIL to New India Assurance also places an experienced public-sector insurance executive at the helm of the insurer at a time when India's general insurance industry is witnessing intensifying competition, increasing digitalisation and growing demand across retail and commercial insurance segments.

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