The Department of Financial Services, under the Ministry of Finance, has launched the Bharat Maritime Insurance Pool (BMIP) with a capacity of $1.5 billion, backed by a sovereign guarantee of $1.4 billion (Rs 129.8 billion), on May 12, 2026. The initiative aims to ensure uninterrupted maritime insurance coverage for Indian vessels and cargo amid rising geopolitical tensions in the Middle East.
Domestic insurers will issue policies under the pool, administered by GIC Re. Claims up to $100 million will be handled by the pool, while higher claims will invoke sovereign support. The first policies were issued to Hoger Offshore and Marine Private Limited, Vedanta Sterlite Copper Limited, and Balrampur Chini Mills Limited.