Bharat Maritime Insurance Pool

September 28, 2026 10:13 AM

India builds homegrown shield against maritime insurance risks

The Bharat Maritime Insurance Pool (BMIP) is strengthening India’s domestic maritime insurance capacity and reducing dependence on foreign insurers amid growing geopolitical and trade-related risks along key shipping routes. Launched in May 2026, the BMIP provides marine insurance coverage for Indian-flagged vessels, ships owned, managed or controlled by Indian entities, and cargo vessels destined for or originating from India. The pool has an underwriting capacity of ₹13,906.50 crore, or 1...

May 13, 2026 12:14 AM

Govt launches $1.5 billion Bharat Maritime Insurance Pool with sovereign guarantee to secure shipping risks

The Department of Financial Services (DFS) under the Ministry of Finance on Tuesday launched the ‘Bharat Maritime Insurance Pool’ (BMIP) with a total capacity of USD 1.5 billion and a sovereign guarantee of USD 1.4 billion (₹12,980 crore) to ensure uninterrupted maritime insurance coverage amid global geopolitical tensions, including developments in the Middle East. The initiative was unveiled at a formal event chaired by DFS Secretary M. Nagaraju, who also handed over the first Marine Hu...

April 18, 2026 3:52 PM

Cabinet clears ₹12,980 crore Bharat Maritime Insurance Pool to reduce external dependency

The Union Cabinet, chaired by Prime Minister Narendra Modi, on Saturday approved the creation of the Bharat Maritime Insurance Pool (BMI Pool) with a sovereign guarantee of ₹12,980 crore, aimed at ensuring uninterrupted and affordable maritime insurance coverage for Indian trade. The move comes amid rising global volatility and geopolitical tensions that have increased risks for vessels and cargo, pushing up insurance costs and creating uncertainty around coverage. The domestic pool will pr...