9 months ago
Liberty General Insurance Launches Surety Business in India
Liberty General Insurance has started a new type of insurance business in India called surety insurance.
This is to help people and groups working on big infrastructure projects.
They are using their international experience to do this and have many different types of insurance to offer.
This can help reduce pressure on the construction sector and provide more options for guarantees.
Liberty General Insurance has launched surety insurance business in India
Products aim to support contractors, developers, and government agencies in infrastructure projects
IRDAI's move to enable surety products as an alternative to bank guarantees facilitated the launch
New portfolio includes bid bonds, performance bonds, and other infrastructure-linked products
Liberty Mutual's global surety expertise is being leveraged for the Indian market
- Who
- Liberty General Insurance
- What
- Launched surety insurance business in India
- Where
- India
- When
- Recently
- Why
- To support infrastructure projects and provide alternatives to bank guarantees
Key facts
- Products Offered
- Bid bonds, performance bonds, advance payment bonds, retention bonds, warranty bonds, shipbuilding refund guarantees
- Parent Company
- Liberty Mutual Insurance
- Global Presence
- Operates in 28 countries, issues bonds across 60 markets
- Indian Establishment
- 2013
- Distribution Network
- Nationwide in India
Quotes
Liberty General Insurance
The insurance company that launched the surety insurance business in India
“The new portfolio includes bid bonds, performance bonds, advance payment bonds, retention bonds, warranty bonds and shipbuilding refund guarantees, the last of which the company described as a first-of-its-kind offering in the domestic market.”
CNBC TV 18
“Surety insurance is expected to contribute to diversifying project guarantee mechanisms and reducing liquidity pressures in the construction sector, as infrastructure spending continues to increase.”
CNBC TV 18
