Doyen of insurance biz SV Mony passes away

Mony died in the early hours of Friday at the age of 81. During 1975-1984, Mony was the Regional Insurance Advisor to 13 Caribbean countries advising them on insurance legislation, setting up regulatory framework, national and reinsurance companies. Over the next 11 years, he headed New India Assurance Co, the biggest general insurance company and later Chairman, General Insurance Corporation of India, the holding company of the four public sector general insurance companies.

Mony opted for early retirement and shifted to Singapore and was a senior fellow at the Business School of the Nanyang Technology University where he taught actuarial science and insurance. His services continued to be sought by international and national companies. He was the Asia Director for GIO, Australia. After years of involvement in general insurance, Mony shifted to life insurance, headed the new life insurance business of the Sanmar Group, AMP Sanmar. His expertise was continued to be used when he assumed charge as the Secretary General, Life Insurance Council. Mony’s advice continued to be sought for his vast experience and involvement in the whole range of insurance business.

He represented India on financial services in the Uruguay round talks and UNCTAD meetings. An eloquent speaker, Mony firmly held that life insurance is the only financial service that takes care of a long term investment needs of the individual, the retail customer.