India’s Bharat Maritime Insurance Pool (BMIP) has rapidly issued over 3,000 cargo-war insurance policies since its inception, demonstrating a swift advancement in the country’s initiative to enhance domestic insurance capabilities for vessels and cargo navigating high-risk maritime routes. By early September 2026, the pool had also issued 92 Hull War-risk policies and three Protection and Indemnity (P&I) policies, showcasing its comprehensive coverage.
Launched in May 2023 with an underwriting capacity of approximately Rs 13,906.5 crore (around $1.5 billion), the BMIP is supported by a sovereign guarantee of Rs 12,980 crore (approximately $1.4 billion). It offers insurance across various categories, including Hull and Machinery, Cargo, Protection and Indemnity, and War Risk, catering to Indian-flagged ships and vessels owned or managed by Indian entities.
The establishment of the BMIP aims to reduce India’s reliance on foreign maritime insurers, particularly international P&I clubs. Historically, Indian shipowners have depended heavily on these clubs for liability coverage, with annual P&I premium outflows estimated between $45 million and $60 million. The pool’s first Hull and Machinery War-risk policy was issued to Hoger Offshore and Marine for a vessel in conflict-prone waters, while the first P&I policy was granted to the Shipping Corporation of India.
Beyond shipping companies, the BMIP has extended its coverage to industrial cargo linked to major manufacturers, indicating its role in supporting businesses reliant on maritime trade. This development underscores the pool’s significance in bolstering India’s maritime insurance landscape and enhancing economic resilience.
