Liberty General Insurance Ltd. has launched its surety insurance business in India, offering risk transfer products for the construction and infrastructure sectors. This follows regulatory changes by the Insurance Regulatory and Development Authority of India (IRDAI), which now permits surety bonds as an alternative to bank guarantees. The introduction is expected to give contractors and developers additional options for managing project risks and cash flow, in line with the country’s infrastructure development plans.

Product offerings and market strategy
The company’s surety products in India include bid bonds, performance bonds, advance payment bonds, retention bonds, warranty bonds, and shipbuilding refund guarantees. These products are intended for contractors, developers, and government agencies, and are based on international standards. Liberty General Insurance is working with brokers, placement specialists, and infrastructure partners to provide these offerings.

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Parag Ved, chief executive officer and whole-time director at Liberty General Insurance Ltd., said the company is introducing surety insurance in India at a time of significant infrastructure development. “With the global expertise of Liberty Mutual Surety and strong capabilities, we are committed to building a strong, trusted, and collaborative Surety ecosystem in India. This launch reflects our purpose – to help people embrace today and confidently pursue tomorrow,” Ved said.