India Launches Bharat Maritime Insurance Pool to Safeguard Shipping Amid Global Risks

VoM News Desk | April 18, 2026 | 10:55 PM IST | Breaking News | Follow on Google News

India Launches Bharat Maritime Insurance Pool to Safeguard Shipping Amid Global Risks

NEW DELHI, APRIL 18, (VoM News): To protect the India’s shipping and trade sector during global disruptions, the Union Cabinet of India, chaired by Prime Minister Narendra Modi has given the green signal to the creation of the Bharat Maritime Insurance Pool (BMI Pool), which is a new domestic insurance mechanism/scheme.

The scheme is backed by a sovereign guarantee of ₹12,980 crore, and is designed/specialized to make sure that the
uninterrupted and affordable insurance coverage for Indian shipping, especially during periods of global crisis, geopolitical instability, sanctions, and rising maritime risks/tensions.

As the global insurance premiums surge and the coverage has become uncertain due to conflicts and volatile trade routes, India had traditionally relied on international insurers, particularly the International Group of Protection and Indemnity Clubs, leaving its trade vulnerable to sudden withdrawal of coverage.

This BMI Pool will cover Indian-flagged vessels, Indian-controlled ships, and cargo shipments to and from India, including those passing through high-risk regions, which aims to reduce this dependency and strengthen domestic resilience.

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This scheme will benefits the comprehensive coverage, including hull and machinery, cargo, protection and indemnity, and war risk insurance coverage.

In addition to risk protection, the initiative intends to build domestic expertise in marine insurance and reduce foreign exchange outflows on premium payments.

The scheme will operate initially for 10 years, with a possible five-year extension, reflecting a long-lasting strategy to secure India’s maritime trade interests.

VoM News Desk

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