ICICI Lombard Releases Corporate India Risk Index 2024 Report

Indian enterprises are not just surviving turbulence — they are building systems to thrive in it. The fifth edition of the Corporate India Risk Index (CIRI) 2024, developed by ICICI Lombard in partnership with Frost & Sullivan, reveals that corporate India has sharpened its approach to risk with a CIRI score of 65 in 2024, up from 64 in 2023, signalling optimized risk handling across sectors.

This uptick reflects a broader transformation in how businesses are responding to geopolitical instability, economic slowdowns, AI disruption, and domestic uncertainty — including the lead-up to national elections. 

Sandeep Goradia – Chief Corporate Solutions, International, Bancassurance, ICICI Lombard said, “This year’s findings clearly show that Indian companies are no longer reacting to risk- they are managing their risks better. This progress is evident in the improvement showcased by corporate India Risk Index. This upward trend, despite increasing challenges demonstrate a proactive shift towards stronger risk mitigation frameworks. We are seeing a shift toward long-term resilience, where AI, sustainability and digital agility are now foundational to corporate strategy. At ICICI Lombard, we believe effective risk governance is not just a compliance exercise- it is an enabler of sustained growth.”

In line with this shift, 2024 saw Indian corporates not just adapt, but excel across sectors, with nine industries attaining ‘Superior Risk Index’ status. Companies across Pharmaceuticals, Healthcare, BFSI, Manufacturing, embedded resilience into their core strategies, turning volatility into an opportunity for transformation. AI adoption, cybersecurity fortification and sustainability initiatives emerged as dominant themes shaping risk priorities. Even as external pressures, from national elections to geopolitical unrest, tariff wars, global oil volatility, intensified exposure levels, corporate India responded with more predictive, disciplined, and future-focused risk management practices, driving a measurable improvement in overall resilience.

Artificial Intelligence emerged as the most defining trend of 2024. From predictive analytics in BFSI and manufacturing to AI-powered diagnostics in healthcare and autonomous systems in automotive, companies leveraged AI to boost efficiency and foresight. Yet, this adoption also introduced new vulnerabilities around data privacy, cybersecurity, and ethical governance. Many sectors responded proactively, strengthening compliance frameworks and investing in AI-specific risk mitigation.

“The evolution of India’s risk culture is not just visible — it is transformative,” said Mr. Aroop Zutshi, Global President and Managing Partner, Frost & Sullivan. “We are seeing a decisive shift from reactive risk management to proactive risk intelligence, where anticipation, agility, and strategic foresight are now core to business resilience. Sectors such as Pharmaceuticals, BFSI, and Manufacturing are leading this transition, embedding risk thinking at the boardroom level and redefining resilience as a source of competitive advantage for India Inc.”.

CIRI 2024 signals a profound shift in how Indian corporates approach risk — moving beyond firefighting toward foresight. No longer content with responding to crises, companies are embedding risk anticipation into the heart of their strategic playbooks. The steady rise in the Risk Management Index reflects deeper board-level engagement, the strengthening of governance frameworks, and a sharper focus on scenario-based planning. This evolution marks a deliberate, strategic reimagining of resilience as a driver of sustained growth and long-term competitiveness.