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.
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 recent advisory from the Directorate General of Maritime Administration (DGMA) addresses a rise in piracy incidents since April 2026. Authorities urge maritime stakeholders, including shipowners and security officers, to enhance security measures. Adhering to the Best Management Practices (BMP 5) is crucial for safeguarding vessels and crews against piracy threats.
