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...