India Rolls Out Maritime P&I Insurance with BMIP Initiative

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.

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Ukrainian coast guard patrols the "grain corridor" in the Black Sea. REUTERS/Thomas Peter

The difficulties of war risk insurance following the Russia-Ukraine conflict

Burkhard Fischer, Chairman of the Association of Accident Regulators, addressed the challenges faced by the shipping industry post the Russian-Ukrainian war. The unexpected conflict left many vessels stranded, triggering debates on the need to review low war risk insurance premiums. Fischer emphasized the unique circumstances of each case in navigating these unprecedented challenges.

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