Liberty General Insurance

Last updated

Liberty General Insurance
Industry Insurance
Founded2013
Headquarters
Mumbai
,
India
Area served
India
Key people
Parag Ved - CEO and Whole Time Director [1]
ProductsMotor, Health, Travel, Property, Commercial & Industrial Insurance
Number of employees
1200
Parent Liberty Mutual (48.7%), DP Jindal Group (26%) & ENAM Securities (25.32%)
Website https://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. [2]

Contents

History and ownership

Liberty General Insurance was started in 2013 as Liberty Videocon General Insurance, a joint venture between Liberty Mutual and Videocon Group. [3] In March 2018, Videocon sold its 51.3% stake in the venture to a combination of DP Jindal (26%) and Enam Securities (25.3%), [4] 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. [5] The company has approximately 1,200 employees spread across 23 states.[ citation needed ]

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. [6] 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. [7] Its partner network consists of about 5,000 hospitals and more than 3,100 auto service centres.[ citation needed ]

Liberty General Insurance began its operations with an initial investment of Rs. 350 crore. [8] As of March 2018, the paid up capital of the company stood at Rs. 1084 crores. [9]

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. [10]

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. [11] 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. [12] 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. [13]

Related Research Articles

Housing Development Finance Corporation was an Indian private sector mortgage lender based in Mumbai. It was the biggest housing finance company in India. It also had a presence in banking, life and general insurance, asset management, venture capital and deposits through its associate and subsidiary companies.

<span class="mw-page-title-main">Reliance Capital</span> Indian Financial Services company

Reliance Capital Limited is an Indian diversified financial services holding company promoted by Reliance Anil Dhirubhai Ambani Group. Reliance Capital, a constituent of Nifty Midcap 50 and MSCI Global Small Cap Index, is a part of the Reliance Group. It is amongst India's leading and most valuable financial services companies in the private sector. As on 31 March 2017, the net worth of the company stood at ₹16,548 crore, while its total assets as on the date stood at ₹82,209 crore. In Fortune India 500 list of 2018, Reliance Capital was ranked as the 77th largest corporation in India with 5th rank in 'Non-Banking Finance' category.

<span class="mw-page-title-main">Apollo Hospitals</span> Indian hospital chain

Apollo Hospitals Enterprise Limited is an Indian multinational healthcare group headquartered in Chennai. It is the largest for-profit private hospital network in India, with a network of 71 owned and managed hospitals. Along with the eponymous hospital chain, the company also operates pharmacies, primary care and diagnostic centres, telehealth clinics, and digital healthcare services among others through its subsidiaries.

ICICI Lombard General Insurance Company Limited is a general insurance company in India. It is engaged in general insurance, reinsurance, insurance claims management and investment management.

<span class="mw-page-title-main">Shriram Group</span> Indian financial services conglomerate

Shriram Group is an Indian conglomerate headquartered in Chennai. It was founded on 5 April 1974 by R. Thyagarajan, AVS Raja and T. Jayaraman. The group had its beginning in chit funds business and later on entered the lending and insurance businesses.

<span class="mw-page-title-main">General Insurance Corporation of India</span> Indian public sector insurance company

General Insurance Corporation of India Limited, abbreviated as GIC Re, is an Indian public sector reinsurance company which has its registered office and headquarters in Mumbai. It was incorporated on 22 November 1972 under Companies Act, 1956. It was the sole nationalised reinsurance company in the Indian insurance market until the insurance market was open to foreign reinsurance players by late 2016 including companies from Germany, Switzerland and France. GIC Re's shares are listed on BSE Limited and National Stock Exchange of India Ltd.

<span class="mw-page-title-main">Exide Life Insurance</span> Indian life insurance company

Exide Life Insurance Company Limited was an Indian life insurance company. Exide Life Insurance distributed its products through multi-channels. The agency channel consisted of over 40,000 advisors who are attached to over 200 company offices across the country. The company had over 15 lakh customers and manages over INR 18,000 crores in assets. It had been operating since 2001 and was headquartered in Bangalore. It dealt with life insurance products, providing long-term protection and savings option.

SBI Life Insurance Company Limited is an Indian life insurance company which was started as a joint venture between State Bank of India (SBI) and French financial institution BNP Paribas Cardif. SBI has a 55.50% stake in the company and BNP Paribas Cardif owns a 0.22% stake. Other investors are Value Line Pte. Ltd. and MacRitchie Investments Pte. Ltd., holding a 1.95% stake each while the remaining 12% is free float stake with public investors.It has Assets under management(AuM) worth ₹352,422 crore (US$44 billion) and a Gross Written Premium(GWP) of ₹67,320 crore (US$8.4 billion) as of March 2023. SBI Life has an authorized capital of ₹20 billion (US$250 million) and a paid up capital of ₹10 billion (US$130 million).

Poonawalla Fincorp Limited is an Indian non-banking financial company (NBFC) engaged in consumer and MSME financing. It is headquartered in Pune and is part of the Cyrus Poonawalla Group.

<span class="mw-page-title-main">Niva Bupa</span> Indian health insurance company

Niva Bupa Health Insurance Company Limited is an Indian health insurance company, founded in 2008. It is headquartered in New Delhi, India.

<span class="mw-page-title-main">HDFC Life</span> Indian life insurance company

HDFC Life Insurance Company Limited is a long-term life insurance provider headquartered in Mumbai, offering individual and group insurance services. The company was incorporated on 14 August 2000.

Kotak Mahindra Life Insurance Company Limited is a privately held life insurance company based in India. It was established in 2001 and currently serves 46 million customers in 148 cities and towns across India.

<span class="mw-page-title-main">The Oriental Insurance Company</span> Indian public-sector insurer

The Oriental Insurance Company Ltd. (OICL) is an Indian public sector insurance company owned by the Government of India and administered by the Ministry of Finance. Headquartered in New Delhi, the company has 29 regional offices and more than 2,000 active branches nationwide. It also has branches in Nepal, Kuwait, and Dubai that together yielded a Gross Premium of ₹377.70 crore (US$47 million) during the year 2022-23. It recorded a gross premium of ₹15,993 crore (US$2.0 billion) in the financial year 2022–23.

<span class="mw-page-title-main">Parth Jindal</span> Indian businessman

Parth Jindal is an Indian businessman and scion of JSW Group.

<span class="mw-page-title-main">Talanx</span> German multinational financial services company

Talanx is a German multinational financial services company headquartered in Hanover, Germany. Its core businesses include reinsurance, insurance and asset management. Talanx is Germany's third-largest insurance group and one of the major European insurance groups by premium income. The group operates in more than 150 countries.

Bandhan Life Insurance Limited is an Indian life insurance company offering individual and group insurance online and offline. Founded in 2008, it is headquartered in Mumbai, India.

<span class="mw-page-title-main">Future Generali India Insurance</span> Insurance company in India

Future Generali India Insurance (FGII) Company Limited is a private general insurance company in India. The company is a joint venture between the Future Group and Generali Participations Netherlands N.V.. As of 2022, Generali Group it is the largest insurance company in Italy and ranks among the world's largest insurance companies by net premiums and assets. The company's portfolio comprises insurance products categorised within Personal, Commercial and Social/Rural Insurance.

SBI General Insurance Company Limited is a general insurance company founded in 2009. It started operations in 2010 and is headquartered in Mumbai, India.

<span class="mw-page-title-main">Canara HSBC Life Insurance</span> Indian Insurance company

Canara HSBC Life Insurance is an Indian life insurance company, headquartered in Gurugram. Established in 2008, Canara HSBC Life Insurance was a joint venture between Canara Bank (51%), HSBC Insurance Holdings Limited (26%) and Punjab National Bank (23%). On 15 June 2022, the company renamed itself as Canara HSBC Life Insurance after the exit of its third partner, Punjab National Bank.

ICICI Prudential Life Insurance Company Limited is an Indian life insurance company in India. Established as a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited, ICICI Prudential Life is engaged in life insurance and asset management business. In 2016, the company became the first insurance company in India to be listed in the domestic stock exchanges.

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.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.