Cabinet Approves Bharat Maritime Insurance Pool with Rs 12,980 Crore Sovereign Guarantee
The Union Cabinet, led by Prime Minister Narendra Modi, approved the Bharat Maritime Insurance Pool (BMI pool) to facilitate continuous maritime insurance coverage. This pool, backed by a sovereign guarantee of Rs.12,980 crores, will address global volatility and geopolitical instability by ensuring Indian shipments have access to affordable insurance, even along volatile maritime routes. This initiative reduces India's reliance on international insurance bodies by covering all maritime risks and promoting local insurance expertise.
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