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.
India has launched its first sovereign-backed maritime insurance initiative to enhance domestic capacity for shipowners and cargo stakeholders amid fluctuating geopolitical conditions. This initiative aims to provide essential support in a sector facing rising costs and risks, while also addressing the need for reliable insurance solutions in a volatile market.
The Union Cabinet has approved the Bharat Maritime Insurance Pool, backed by a ₹12,980 crore sovereign guarantee. This initiative aims to provide continuous maritime insurance for Indian trade, covering various risks. Additionally, a 2% increase in dearness allowance for Central government employees and pensioners was also approved, benefitting millions.
