Liberty Videocon General Insurance Company, a joint venture floated by the US underwriter Liberty Mutual Insurance and Videocon Industries has received insurance license to conduct operations in India.

The permit granted by India’s insurance regulatory authority will pave way to offer a comprehensive suite of insurance underwriting capabilities to various distribution channels, with focus on personal insurance products, the underwriter said.

Headquartered in Mumbai, Liberty Videocon General Insurance said that the firm looks immense business opportunities in India insurance arena.

Liberty Mutual president and CEO David Long said India’s rapidly growing economy and personal income levels mean more and more Indians will be buying insurance to protect their property and possessions.

"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 marketplace," Long added.

Videocon Industries CMD Venugopal N Dhoot said, "Domain expertise of Liberty Mutual Insurance Group coupled with our huge platform of brand, trade and customer relationships should provide a robust business model for Liberty Videocon General Insurance’s business."

As per the data released by Liberty Mutual Insurance, its net written premium as of 31 December 2011 of $31.2bn, of which $8.2bn, or 26%, came from its International operations.

Liberty Videocon General Insurance joins Liberty Mutual’s International local business operations trades in Europe, including Spain, Portugal, Turkey, Poland, Ireland and Russia; Latin America, including Venezuela, Brazil, Colombia, Argentina and Chile; and, Asia, including Thailand, Singapore, China (including Hong Kong) and Vietnam.