Bharat Maritime Insurance Pool

Launched in May 2026, the Bharat Maritime Insurance Pool (BMIP) provides domestic marine insurance coverage up to ₹13,906.50 crore (USD 1.5 billion), backed by a sovereign guarantee of ₹12,980 crore (USD 1.4 billion). The pool offers protection for Hull & Machinery, Cargo, Protection and Indemnity (P&I), and War risks for Indian-flagged vessels, entities, and trade cargo. Designed to address India's overdependence on foreign insurers—such as Western P&I clubs—and mitigate vulnerabilities from geopolitical disruptions like conflicts in the Red Sea, the pool is administered by the General Insurance Corporation of India (GIC Re). Since its inception, BMIP has lowered war-risk premiums by 35–40% and issued thousands of policies across diverse commercial sectors.