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Liberty General Insurance has launched its surety insurance business in India, introducing products aimed at supporting contractors, developers and government agencies in infrastructure-linked projects. The launch follows the Insurance Regulatory and Development Authority of India’s (IRDAI) move to enable surety products as an alternative to bank guarantees.
The company said it is drawing on the global expertise of Liberty Mutual Insurance’s Surety division, which has been active internationally for more than a century.
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.
Liberty General Insurance noted that its surety model is built around partnerships with placement specialists, brokers and infrastructure-sector stakeholders.
According to the company, the products are designed to align with global standards while addressing the requirements of India’s expanding infrastructure ecosystem.
Company executives said the focus will be on operational readiness, underwriting frameworks and market education to enable wider adoption.
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.
Liberty Mutual Insurance operates in 28 countries and its global surety business issues bonds across more than 60 markets. Liberty General Insurance, established in 2013, offers a range of retail and commercial insurance products in India through a nationwide distribution network.
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The company said it is drawing on the global expertise of Liberty Mutual Insurance’s Surety division, which has been active internationally for more than a century.
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.
Liberty General Insurance noted that its surety model is built around partnerships with placement specialists, brokers and infrastructure-sector stakeholders.
According to the company, the products are designed to align with global standards while addressing the requirements of India’s expanding infrastructure ecosystem.
Company executives said the focus will be on operational readiness, underwriting frameworks and market education to enable wider adoption.
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.
Liberty Mutual Insurance operates in 28 countries and its global surety business issues bonds across more than 60 markets. Liberty General Insurance, established in 2013, offers a range of retail and commercial insurance products in India through a nationwide distribution network.
ALSO READ | Finance ministry pushes hospitals, insurers for faster cashless claims and standardised protocols
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