The Bharat Maritime Insurance Pool (BMI Pool) has effectively reduced insurance premiums for Indian shipowners, issuing 85 policies within a month of its launch. Approved by the Prime Minister’s Cabinet on April 18, 2026, with a ₹12,980 crore sovereign guarantee, the pool ensures ongoing maritime insurance coverage for India’s shipping sector. GIC Re administers the pool, collaborating with both public and private insurers, and managing an underwriting capacity of approximately ₹950 crore.
The BMI Pool offers comprehensive coverage for maritime risks, including Hull and Machinery, Cargo, and Protection and Indemnity (P&I) for third-party liabilities, as well as War Risk for conflict regions. It covers Indian-flagged vessels, controlled ships, and those transporting goods to or from Indian ports, extending protection across various trade routes.
Designed to mitigate global volatility and geopolitical risks, the BMI Pool aims to lessen Indian shipping’s reliance on external insurance, ensuring affordable coverage amid geopolitical uncertainties. By fostering local liability insurance tailored to Indian needs, the pool seeks to enhance marine underwriting, claims management, and legal expertise domestically, while stabilizing insurance options for the shipping industry.
