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.
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.
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.
Gisha George, president – product & underwriting (commercial lines & reinsurance), added: “Our surety proposition brings together Liberty’s global experience and India’s market realities. We have built strong underwriting frameworks, robust operational readiness, and a partner-centric model to ensure seamless adoption. Our focus is on responsible growth, market education, and building trust with all stakeholders, including contractors, brokers, and government entities.”
The launch event was attended by senior executives from Liberty Mutual’s Global Surety division, including:
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Liberty Mutual Insurance, which operates in 28 countries and employs over 40,000 people, has a surety division that issues bonds in more than 60 countries and is supported by specialised underwriting teams and a global service centre.
The introduction of surety insurance in India coincides with increased infrastructure investment and changes in regulatory requirements. According to the Aon 2025 Global Construction Insurance and Surety Market Report, the global surety market is projected to grow by approximately 5% annually through 2025, potentially reaching $30 billion by 2030. Growth is anticipated in regions such as Asia-Pacific, including India, where infrastructure projects and regulatory changes are contributing to higher use of surety products.
The report also notes that regulatory changes have led to greater use of surety bonds as an alternative to bank guarantees, as they do not use lines of credit and are considered off-balance-sheet obligations. Environmental, social, and governance (ESG) factors are also being incorporated into underwriting processes.
The Asia-Pacific surety market is developing, with established markets in countries such as Australia and Korea, and projected growth in other parts of the region, including India. Infrastructure investment requirements in Asia-Pacific are estimated at $1.7 trillion annually through 2030. In India, the surety market is projected to expand in the near term, due to regulatory changes and demand for construction and commercial bond products.
