Bharat Maritime Insurance Pool | 20 Apr 2026

Source: PIB 

The Union Cabinet has approved the creation of the ‘Bharat Maritime Insurance Pool (BMI Pool)’, a domestic insurance pool with a sovereign guarantee of Rs 12,980 crore to ensure continuous and affordable maritime insurance coverage amid global uncertainties. 

• Objective: To reduce dependence on foreign insurers such as the International Group of Protection and Indemnity Clubs, ensure continuity of maritime trade, and enhance sanctions resilience and sovereign control during geopolitical instability. 
• Comprehensive Risk Coverage: The pool covers major maritime risks, including Hull and Machinery, Cargo, War risk, and Protection and Indemnity (P&I), which includes third-party liabilities such as oil pollution, wreck removal, cargo damage and crew injury. 
• Vessel Applicability: Coverage is provided for Indian flagged or controlled vessels, as well as any vessel carrying cargo from international origins to Indian ports (and vice-versa), including transits through volatile maritime corridors. 
• Operational Capacity: Policies will be issued by insurers who are members of the pool, leveraging a combined underwriting capacity of around Rs. 950 crore. 
• Governance and Ecosystem: A newly constituted Governing Body will oversee the pool.  
  • This initiative aims to develop specialized marine underwriting, claims management, and legal expertise locally, directly aligning with the vision of self-reliance (Atmanirbhar Bharat). 
• Significance: Strengthens economic security and ensures continuity of maritime trade by reducing dependence on foreign insurers in a sector handling over 70% of India’s trade by volume and 95% by value, while aligning with global best practices followed by countries like the United Kingdom, Japan and South Korea.