Latest India insurance news regarding Liberty Mutual joint venture

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The Boston based insurer has received approval to begin selling its products.

Liberty Mutual Insurance Group is making international insurance news now that it has received approval from India and is licensed to be able to sell its products within that country.

The insurer has entered into a joint venture with Videocon Industries Ltd.

This combined effort between Videocon Industries Ltd. and Liberty Mutual Insurance Group will be known as Liberty Videocon General Insurance Co. Ltd. It is now considered to be fully licensed from the primary regulatory authority in that country in order to begin operations. These two companies began their joint venture agreement back in December 2010.

A significant proportion of the business done by Liberty Mutual is done outside of the United States, and it is therefore not unfamiliar with making insurance news on an international level. The international business operations of the company sells various forms of different coverage products to both businesses and individuals in countries around the world. Among them, include (but are not limited to) China, Russia, Brazil, Turkey, Argentina, Ireland and Thailand. India has now been added to this list.

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David Long, the chief executive and president of Liberty Mutual released an insurance news statement.

In it, Long explained that “India’s rapidly growing economy and personal income levels mean more and more Indians will be buying insurance to protect their property and possessions.” The nature of the economy within that country, particularly considering the current turmoil in the global economy and within many other specific nations, makes it highly appealing for insurers such as Liberty Mutual that are familiar with the worldwide stage.

As this country continues to emerge, a growing proportion of its massive population – which is currently over one billion people – is discovering the benefit of insuring their property and their various belongings in order to protect themselves against the unforeseen. This type insurance news is expected to continue to spread within India and in other nations experiencing similar forms of growth in their economies as well as in the willingness of their populations to accept the advantage that coverage can offer and to make a policy purchase.

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