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Liberty General Insurance

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Indian Insurance Company

Liberty General Insurance
IndustryInsurance
Founded2013
HeadquartersMumbai, India
Area servedIndia
Key peopleParag Ved - CEO and Whole Time Director
ProductsMotor, Health, Travel, Property, Commercial & Industrial Insurance
Number of employees1200
ParentLiberty Mutual (48.7%), DP Jindal Group (26%) & ENAM Securities (25.32%)
Websitehttps://www.libertyinsurance.in

Liberty General Insurance Limited is a private general insurance company headquartered in Mumbai, India. It is a joint venture among US property casualty insurer Liberty Mutual Insurance Group, Indian private investment fund Enam Securities, and Indian industrial conglomerate DP Jindal Group.

History and ownership

Liberty General Insurance was started in 2013 as Liberty Videocon General Insurance, a joint venture between Liberty Mutual and Videocon Group. In March 2018, Videocon sold its 51.3% stake in the venture to a combination of DP Jindal (26%) and Enam Securities (25.3%), and the company was renamed Liberty General Insurance Limited.

Business operations and financials

As in March 2018, Liberty General Insurance had a market share of 0.54%, with a growth rate of 40% in 2017. The company has approximately 1,200 employees spread across 23 states.

Liberty General Insurance has also entered into collaboration with over 30 district cooperative banks as "affinity partners" to help them issue vehicle and personal accident insurance, particularly to farmers. Liberty General Insurance Limited sells its insurance products through its branches, its website as well as through online aggregators. It has also signed a tie-up agreement with UCO Bank to boost growth with the "Bancassurance" model. Under this model, the promoter bank will distribute the insurance products offered by Liberty General Insurance at its branches through its existing customer base. Its partner network consists of about 5,000 hospitals and more than 3,100 auto service centres.

Liberty General Insurance began its operations with an initial investment of Rs. 350 crore. As of March 2018, the paid up capital of the company stood at Rs. 1084 crores.

Liberty General Insurance, one of the leading non-life insurance company in India, has been appointed as the lead insurer for Delhi by the Insurance Regulatory and Development Authority of India.

Products

In 2014, Liberty General Insurance launched its bundled package for the SME sector which offered coverage to businesses against property or cash losses, fire as well as health problems of group of employees. In August 2016, a multi-year two-wheeler package policy was also launched by the company which eliminated the need of renewing two-wheeler insurance every year. By the end of 2016, the company launched Health Connect Supra, a top-up and super top-up product offering Sum Insured till Rs. 1 crore.

References

  1. "News & Media Room About Insurance Information".
  2. Admin, India Education Diary Bureau (20 March 2018). "Liberty Mutual Insurance Group Announces New Joint Venture Partnership for Indian Company - India Education Diary". India Education Diary. Retrieved 29 May 2018.
  3. Babu, Gireesh (15 February 2017). "Liberty Videocon General Insurance to tap bancassurance to boost growth". www.business-standard.com. Retrieved 10 May 2023.
  4. Market, Capital (20 March 2018). "Videocon Industries exits from Liberty Videocon General Insurance Company". Business Standard India. Retrieved 3 June 2018.
  5. Nayak, Gayatri (16 May 2018). "Banks rely less on credit bureaus for corporate loans: Harshala Chandorkar". The Economic Times. Retrieved 25 June 2018.
  6. "Liberty Videocon Insurance to launch 2 new products". @businessline. Retrieved 25 June 2018.
  7. Babu, Gireesh (15 February 2017). "Liberty Videocon General Insurance to tap bancassurance to boost growth". Business Standard India. Retrieved 7 July 2018.
  8. "Liberty Videocon General Insurance opens offices in four cities". @businessline. Retrieved 1 July 2018.
  9. "Videocon exits non-life business - Times of India". The Times of India. Retrieved 1 July 2018.
  10. Jimenez-Sanchez, Kassandra (14 August 2023). "IRDAI appoints Liberty General Insurance as lead non-life insurer for Delhi - Reinsurance News". ReinsuranceNe.ws. Retrieved 28 December 2023.
  11. "Liberty Videocon Insurance to launch 2 new products". @businessline. Retrieved 15 July 2018.
  12. www.ETAuto.com. "Liberty Videocon General Insurance launches multi-year two-wheeler package policy - ET Auto". ETAuto.com. Archived from the original on 15 July 2018. Retrieved 15 July 2018.
  13. "Liberty Videocon eyes Rs 570 cr premium collection this fiscal". Moneycontrol. Retrieved 15 July 2018.
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