India Launches Bharat Maritime Insurance Pool Amidst Geopolitical Tensions

The Department of Financial Services, under the Ministry of Finance, has initiated the Bharat Maritime Insurance Pool (BMIP) valued at USD 1.5 billion, along with a sovereign guarantee of USD 1.4 billion to ensure the continuous coverage of maritime insurance risks involving Indian vessels. This step comes in response to heightened geopolitical tensions in the Middle East affecting marine trade and insurance. Headlined by DFS Secretary Shri M. Nagaraju, the launch included issuing the first Marine Hull & Machinery War Policy, guaranteeing protection against war perils for ships in high-risk zones. This initiative aims to strengthen India's sovereignty over its maritime trade and maintain uninterrupted trade flows even when faced with insurance discontinuances due to sanctions or political instability.

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