DFS Launches Protection & Indemnity Insurance Product under Bharat Maritime Insurance Pool (BMIP)

The Department of Financial Services (DFS), Ministry of Finance, launched India’s first sovereign‑backed Protection & Indemnity (P&I) insurance product under the Bharat Maritime Insurance Pool (BMIP) on 12 May 2026. Designed by New India Assurance, the product offers indemnity limits up to USD 1.5 billion and covers third‑party liabilities such as crew, cargo, pollution and wreck removal. Since operationalisation, war‑risk premium rates have fallen by about 35‑40% compared with peak levels during the West Asia conflict, and 1,608 cargo and hull war‑risk policies had been issued by 29 July 2026. The initiative aims to build domestic underwriting capacity, reduce reliance on foreign insurers and strengthen India’s maritime risk‑management framework.