India has launched the BMIP, a government-backed P&I insurance scheme, with its first policies issued in July 2026. Initially covering the Shipping Corporation of India, this scheme addresses critical insurance needs for Indian shipowners, mitigating reliance on international clubs and enhancing coverage against liabilities like crew injuries and pollution incidents.
On July 30, 2026, India launched its first sovereign-backed Protection and Indemnity (P&I) insurance through the Bharat Maritime Insurance Pool, presented by Financial Services Secretary Sanjay Lohia. This comprehensive product covers third-party liabilities, enhancing maritime risk management and promoting self-reliance in specialized insurance solutions for the shipping industry.
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 Bharat Maritime Insurance Pool (BMIP), managed by GIC Re, aims to provide comprehensive war-risk coverage for hull, machinery, and cargo, specifically for Indian-flagged vessels. This initiative addresses unique maritime insurance needs, ensuring robust support through member companies while enhancing operational capabilities and addressing current and emerging risks in India’s maritime sector.
