Alok Kumar Agarwal Appointed CEO of Zurich Kotak General Insurance
Alok Kumar Agarwal has been appointed as the Managing Director and Chief Executive Officer of Zurich Kotak General Insurance, effective January 1, 2025. He succeeds Suresh Agarwal in this role.
Prior to this appointment, Agarwal spent 22 years at ICICI Lombard General Insurance, holding various leadership positions across corporate, SME, government, rural, crop, and retail business lines. He led the wholesale group for over two decades, overseeing corporate, government, and rural operations. Under his leadership, the corporate solutions group achieved significant growth, secured leading positions in key segments, and maintained profitability through strong corporate and reinsurance partnerships. Most recently, he served as executive director, heading the retail business in the emerging markets group.
Agarwal holds a Bachelor of Engineering from Jadavpur University and a postgraduate degree in management from the Indian Institute of Management Kolkata.
In June 2024, Zurich Insurance Group acquired a 70% stake in Kotak Mahindra General Insurance for approximately ₹5,560 crore (around $670 million), marking the largest foreign investment in India’s general insurance sector since the Foreign Direct Investment (FDI) cap was raised to 74% in 2021.
Upon his appointment, Agarwal expressed his commitment to driving innovation, enhancing customer satisfaction, and promoting sustainable business practices at Zurich Kotak General Insurance. He emphasized the company’s focus on investing in technology, strengthening its market presence, and fostering a culture of integrity and collaboration to create value for stakeholders.
| Why in News | Key Points |
|---|---|
| Alok Kumar Agarwal has been appointed as the CEO and MD of Zurich Kotak General Insurance. | Position: CEO and Managing Director of Zurich Kotak General Insurance. |
| Agarwal has 22 years of experience at ICICI Lombard, where he held leadership roles. | Previous Role: Executive Director at ICICI Lombard General Insurance. |
| Zurich Insurance acquired a 70% stake in Kotak Mahindra General Insurance in June 2024. | Acquisition: Zurich Insurance Group acquired 70% stake in Kotak Mahindra General Insurance. |
| Agarwal aims to drive innovation and enhance customer satisfaction at Zurich Kotak General Insurance. | Vision: Focus on innovation, technology, customer satisfaction, and market presence. |
| Agarwal holds a Bachelor of Engineering from Jadavpur University and a postgraduate degree in management from IIM Kolkata. | Education: Bachelor’s in Engineering from Jadavpur University, MBA from IIM Kolkata. |
| Zurich Kotak’s foreign stake acquisition is the largest in India’s general insurance sector since the FDI cap was raised. | FDI Investment: Largest foreign investment in India’s general insurance since FDI cap raised to 74% in 2021. |
| Effective Date of Appointment: January 1, 2025. | Appointment Date: January 1, 2025. |
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