Since its launch in May 2023, India’s Bharat Maritime Insurance Pool (BMIP) has swiftly issued over 3,000 cargo-war insurance policies, enhancing domestic maritime insurance capabilities. With an underwriting capacity of approximately Rs 13,906.5 crore, the BMIP aims to reduce reliance on foreign insurers, supporting Indian shipowners and businesses reliant on maritime trade.
The Bharat Maritime Insurance Pool (BMI Pool) has successfully lowered insurance premiums for Indian shipowners, issuing 85 policies in its first month after launch on April 18, 2026. With a ₹12,980 crore sovereign guarantee, it provides essential coverage for various maritime risks, enhancing domestic insurance capabilities against global volatility.
The Union Cabinet has approved the establishment of the ‘Bharat Maritime Insurance Pool’ (BMI pool) with a ₹12,980 crore sovereign guarantee. This initiative aims to provide affordable maritime insurance for Indian vessels, reducing reliance on foreign insurers and addressing risks from global volatility. It will cover various maritime risks, enhancing self-reliance.
