Generali has appointed Krishnamoorthy “KM” Rao as managing director and chief executive officer of its property and casualty (P&C) business in India, effective April 1, subject to regulatory approval. Rao has more than 35 years of experience in insurance and risk management, including senior positions at Future Generali India Insurance and Generali’s former Malaysian joint venture, MPI Generali.
Rao returns to India after serving as CEO of MPI Generali in Malaysia from 2018 to 2022. Before that, he was managing director and CEO of Future Generali India Insurance between 2009 and 2018. In those roles, he oversaw multi‑channel distribution and managed both retail and corporate portfolios. Announcing the appointment, Rob Leonardi, regional officer Asia at Generali, positioned the change within the group’s broader regional agenda. “KM Rao’s return to India marks a strategic milestone for Generali in Asia. With his proven leadership, we will accelerate innovation and growth to shape the future of P&C insurance in this vital market and at a pivotal time for our business,” Leonardi said.
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Rao indicated that his priorities would include aligning product and service development with shifts in customer and corporate risk profiles in India’s P&C market. “I am honoured to lead Generali’s India P&C business into a new era of excellence. By harnessing India’s immense potential, we will pioneer innovative solutions and sustainable growth as we continue to serve as the Lifetime Partner of our customers,” he said. Rao is a Fellow of the Insurance Institute of India and holds a B.Tech in production engineering from the University of Calicut. He began his career as a scientist at the Indian Space Research Organisation and later held underwriting, risk management, and leadership roles at Bajaj Allianz and Tata AIG Risk Management Services.
Rao’s appointment comes at a time when Aon’s 2026 P&C outlook describes a “dynamic and interconnected” risk environment, with capacity generally available but influenced by rising loss severity and capital sensitivity. According to Aon, profitability improvements for many P&C carriers after two recent strong years have increased competition and, in some segments, led to more favourable pricing and terms for insureds. The broker notes, however, that these conditions vary by line of business and geography and remain closely linked to loss experience, capital costs, and macroeconomic trends.
Aon’s analysis suggests that risk and finance leaders are being pushed toward more integrated, forward‑looking approaches to P&C decision‑making, with greater use of analytics to assess exposure, compare program structures, and support capital allocation. “There is likely going to be a window of opportunity and not a prolonged soft market because the fundamentals of our business have not changed – we’ve seen a systemic change in loss activity, particularly with severity,” said Joe Peiser, CEO, Risk Capital for Aon.
