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Cabinet Approves Bharat Maritime Insurance Pool

  • 20 Apr 2026

On 18th April 2026, the Union Cabinet approved the creation of a domestic insurance pool, the ‘Bharat Maritime Insurance Pool’ (BMI Pool) to ensure stable and affordable marine insurance in India.

Key Points

  • Scheme Overview:
    • Sovereign guarantee of ₹12,980 crore.
    • Ensures uninterrupted maritime insurance coverage.
  • Objective:
    • Reduce dependence on global insurers.
    • Protect Indian trade from rising geopolitical risks.
  • Coverage Scope:
    • Ships carrying cargo to and from Indian ports.
    • Includes vessels in high-risk maritime routes.
  • Types of Risks Covered:
    • Hull and Machinery.
    • Cargo insurance.
    • Protection and Indemnity (P&I).
    • War risk coverage.
  • Operational Structure:
    • Policies issued by participating insurers.
    • Combined underwriting capacity of ~₹950 crore.
  • Beneficiaries:
    • Indian-flagged vessels.
    • Ships linked to Indian trade operations.
  • Strategic Importance:
    • Enhances self-reliance in marine insurance.
    • Builds domestic expertise in underwriting and claims.
  • Governance Mechanism:
    • Dedicated governing body to oversee operations.
    • Sovereign backing ensures resilience and stability.