Why Your Insurance Might Be Worthless: Wisdom from Abhay Gujar on Risk, Resilience, and Boardroom Readiness

When disaster strikes, will your insurance actually protect you? According to Mr. Abhay Gujar, a veteran of 50 years in risk management, the answer depends less on policy paperwork and more on governance, foresight, and execution. In this episode of FaceTime with Leaders, he unpacks why most companies are dangerously underprepared and what real resilience looks like from factory floor to boardroom.

Introduction 

A name synonymous with credibility and technical excellence in the insurance world, Mr. Abhay Gujar has spent five decades mastering the art and science of risk. From his early roots in chemical engineering to becoming a trusted advisor to some of the largest industrial conglomerates, he has redefined how risk management is approached in India and beyond. His work spans national policy shaping, cross-border consulting, and leadership roles that have left a lasting impact on the insurance ecosystem.

"Risk management must begin at the blueprint stage—just like prenatal care strengthens a child before birth."

Career Milestones

• 50 years of experience in engineering, insurance broking, and risk strategy

• Pioneered project insurance and blueprint-level risk management at a national scale

• Led risk management at Bajaj Allianz for over 16 years, guiding a 30-member technical team

• Published internationally, featured in the UK’s Journal of Loss Prevention and engineering textbooks

• Currently Technical Head at UIB, managing strategic insurance portfolios across industries

Why Modern Insurance Fails: Outdated Practices, Evolving Threats

Mr. Gujar deploys a dire warning: insurance is merely as good as its comprehension.

Today's threats—from cyberattacks to weather events—have run ahead of customary underwriting models. Even factory units are now being hit by data breaches. Meanwhile, outmoded assessments do not properly price these threats.

He shares two pressing modern risks:

• Cybersecurity in manufacturing—a non-negotiable in the digital supply chain era

• Climate change—Driving catastrophic natural disasters and enormous insurance payouts globally

Blueprint Risk Management: The Future of Industrial Safety

Perhaps Mr. Gujar’s most profound insight lies in “blueprint risk management”—the idea that risk mitigation must begin not during operations, but at the project design stage.

Citing his work at Reliance Hazira’s petrochemical complex, he explains how insurance and risk protocols embedded in plant design helped the company run safely for over three decades.

He urges companies to stop treating insurance as a transaction and start viewing it as a strategic design input.

Risk Management Is Not a Department—It’s a Culture

Mr. Abhay Gujar describes risk management as like a family doctor’s prescription—strong safety teams, regular audits, rehearsed disaster plans, and continuous employee training. But beyond these, he champions a cultural shift: boardroom-level conversations around safety, resilience, and governance.

His legacy consists of pathbreaking projects with Indian Oil, Ispat Industries, Asian Paints, and multinational giants such as Indorama. In each instance, his roots in hardcore engineering risk analysis gave him the confidence to take charge—no matter where the map led.

ESG in Insurance: Not a Trend, But a Business Imperative

Though not an ESG specialist by designation, Mr. Gujar articulates with clarity how Environmental, Social, and Governance (ESG) principles are shaping the insurance world:

• Environmental: Climate risk drives reinsurance costs and catastrophe preparedness

• Social: Micro-insurance and agri-insurance create inclusive safety nets

• Governance: Mandates like enterprise risk management (ERM) and solvency monitoring ensure no insurer collapses—preserving public trust

  
  

He also highlights IRDAI’s proactive regulation—such as requiring chairperson approval and solvency enforcement—as critical to India’s financial resilience.

Why the Director’s Institute Mattered—Even at 72

In one of the most heartwarming moments of the podcast, Mr. Gujar describes how he almost ignored the Director’s Institute’s emails, assuming it was only for existing board members. A curious click and a well-timed webinar later, he enrolled and dived into training with childlike enthusiasm.

“I feel like I’m back in college after 50 years. Eleven textbooks, online exams, and I’m loving it!”

His only regret? Not joining ten years earlier. But as he puts it, “Good things are never too late.”

Now, Mr. Gujar is preparing for board roles in insurance, education, and consulting—ready to give back five decades of experience to shape the future of governance in India and Asia-Pacific.

Final Takeaway: Experience is Only Power When Shared

Mr. Abhay Gujar’s journey isn’t just a story of personal growth. It’s a lesson for industries, boards, and aspiring leaders: real risk protection starts long before the policy is signed.

His call to action is clear—build a culture of safety, embrace ESG, and elevate governance as a leadership mandate.

🎯 Ready to Lead Like Mr. Abhay Gujar?

If you’re a senior professional ready to move from execution to boardroom influence—whether in insurance, infrastructure, finance, or ESG—there’s one clear path forward:

Join the Director’s Institute – World Council of Directors 💼 Learn from global experts, master ESG, compliance, AI, and strategy, and earn your Certified Independent Director title.

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Watch the full podcast: “Why Your Insurance Might Be Worthless | Abhay Gujar” on the Industry Magnats YouTube Channel

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