India Launches Bharat Maritime Insurance Pool

# India Launches Bharat Maritime Insurance Pool ### Why in News? The Department of Financial Services launched India’s first sovereign-backed **Protection and Indemnity (P&I) insurance** product under the **Bharat Maritime Insurance Pool (BMIP)** on July 30, 2026. ### What is the Bharat Maritime Insurance Pool? The BMIP is a domestic insurance pool designed to expand India’s marine underwriting capabilities. It was operationalized on May 12, 2026, and has already issued over **1,600 Cargo War Risk and Hull War Risk policies**. - The new P&I product covers **third-party liabilities** such as crew and cargo claims, **pollution liability**, and **wreck removal costs**. - It offers an indemnity limit of up to **USD 1.5 billion**, with the first policy issued to the **Shipping Corporation of India (SCI)**. - The pool has reduced **war-risk premium rates** by about **35-40%** compared to peak West Asia conflict levels, helping Indian shipping companies save costs. ### Why is this significant? This move aims to reduce India’s dependence on overseas insurers and retain insurance value within the domestic economy. By providing sovereign-backed coverage, it strengthens India’s maritime security and self-reliance. ### Exam Connect **Bharat Maritime Insurance Pool** → Launched by **Department of Financial Services** under **Ministry of Finance** **New India Assurance** → Founded in **1919** by **Sir Dorabji Tata**, nationalized in **1973** **Shipping Corporation of India** → Established in **1961**, conferred **Navratna** status in **2008**