Liberty Videocon General Insurance gets IRDA approval

NEW DELHI: Liberty Videocon General Insurance, a joint venture between the Videocon Group and the US-based Liberty Mutual Insurance Group has got the final approval from the Irda to start operations in India. With its entry, the total number of general insurance companies in India has gone up to 27. "We are looking forward to making a substantial difference in the Indian non-life insurance market," said Roopam Asthana, CEO Designate & Director of Liberty Videocon General Insurance.

The Mumbai-based company, which will start with an initial capital of Rs 300 crore, is giving finishing touches to its insurance products. Asthana says his company will focus sharply on the customer and is in the process of implementing a state-of-the-art technology platform for a completely seamless and speedy buying experience.

Though the company is a late entrant to an overcrowded market, the promoters are upbeat about the prospects. "India's rapidly rising personal income levels mean more and more Indians will be buying insurance to protect their property and possessions," said David Long, Liberty Mutual's President and CEO. "We have an exceptional partner and a very professional management team in place. We believe the combination will enable us to provide high-quality products and service in the growing Indian Insurance market place."

Commenting on the development, Venugopal N Dhoot, CMD, Videocon Industries, said, "Videocon Group has a strong presence in the Indian consumer space ranging from white and brown goods to mobile telecom services covering entire geography of India. Domain expertise of Liberty Mutual Insurance Group coupled with our huge platform of brand, trade and customer relationships should provide a robust business model to our general insurance business."

The Boston-based Liberty Mutual Insurance is a diversified global insurer and the third largest property and casualty insurer in the US. It ranks 84th on the Fortune 100 list of largest corporations in the US based on 2011 revenue. It offers a wide range of insurance products and services, including personal automobile, homeowners, workers compensation, property, commercial automobile, general liability, global specialty, group disability, reinsurance and surety.