Liberty General Insurance has launched its surety insurance services in India, offering products designed to support contractors, developers, and government agencies involved in infrastructure projects. This move follows the IRDAI’s recent decision to allow surety products as an alternative to bank guarantees.
The company is leveraging the expertise of Liberty Mutual Insurance’s Surety division, which has a century of international experience.
Its new offerings include bid bonds, performance bonds, advance payment bonds, retention bonds, warranty bonds, and shipbuilding refund guarantees, with the latter being a pioneering product in the domestic market.
Liberty General Insurance stated that its surety model is built on collaborations with placement specialists, brokers, and stakeholders in the infrastructure sector. The products aim to meet global standards while catering to India’s growing infrastructure demands. Company leaders emphasised the importance of focusing on operational readiness, underwriting frameworks, and market education to promote wider adoption. As infrastructure investments rise, surety insurance is expected to diversify project guarantee options and ease liquidity pressures in the construction industry.
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Liberty Mutual Insurance operates in 28 countries, issuing bonds in over 60 markets. Established in 2013, Liberty General Insurance provides a broad range of retail and commercial insurance products across India via a national distribution network.
