Learning Your Way Through Crisis

Whenever catastrophe strikes an organization, a good insurance policy provides valuable peace of mind. But when the calamity is an uninsurable blow to the bottom line, sometimes the only solution is to revise the business plan—even for risk experts who run a leading insurance provider.

It was a classic one-two punch that befell the nonlife-insurance giant ICICI Lombard General Insurance Company (ILGIC) and other India-based insurers four years ago. The global recession, combined with Indi