Union Cabinet has approved a Rs 129.8 billion sovereign-backed Bharat Maritime Insurance Pool (BMI Pool) to strengthen the country’s shipping sector and reduce reliance on foreign insurers. It will provide comprehensive coverage including hull, cargo, protection and indemnity, and war risks, for Indian vessels operating domestically and internationally.
India’s maritime sector handles over 70 per cent of trade by volume and 95 per cent by value, yet has depended heavily on foreign insurance markets, making it vulnerable to geopolitical shocks.