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Liberty Seguros, the Peruvian unit of US insurer Liberty, has launched a construction all risks product, citing increased demand.
"This policy is fundamental for a contractor or project developer, because through its adequate protection, it guarantees the investor of the work the resources necessary to continue with the project or the recovery of their investment, as the case," said Raul Muller, technical commercial manager of Liberty Seguros, in a release.
Peru's President Pedro Pablo Kuczynski took office in 2016 pledging to accelerate US$25bn in infrastructure investment, including airports, ports, highways, railways, a natural gas pipeline and water projects.
"Although Peruvian legislation does not impose greater obligation to ensure construction projects, large and medium-sized companies often contract these insurance policies for their development. The increase in demand for this type of policy is linked to the growth of the construction sector," said Liberty.
Liberty started operating in Peru in April.
"Our sales will be focused mainly on construction projects in the next years. We will have an active participation in this business, in insurance as well as reinsurance," said CEO Álvaro Tapia at the time.
"Our offer includes highly specialized insurance for oil and gas, energy and mining heavy machinery," he said, adding that Liberty knows the Peruvian insurance industry well from providing reinsurance to local insurers for more than 10 years.