The Bharat Maritime Insurance Pool (BMIP), launched in May 2026 to provide uninterrupted insurance coverage for Indian-flagged and Indian-controlled vessels amid escalating geopolitical risks, has crossed a significant milestone by underwriting maritime risks worth over ₹40,000 crore. The pool has issued more than 550 insurance policies, reflecting strong industry acceptance and growing confidence among Indian shipowners and maritime companies.
The majority of the policies cover war-related maritime risks, including Hull & Machinery, Cargo, and Protection & Indemnity (P&I) insurance, providing comprehensive protection for vessels operating in high-risk international waters. The rapid uptake comes as shipping companies seek reliable and competitively priced domestic insurance solutions amid continued uncertainty along key global shipping routes.
The BMIP was approved by the Union Cabinet in April 2026 with a ₹12,980 crore sovereign guarantee to reduce India’s dependence on foreign marine insurers and ensure uninterrupted insurance availability during geopolitical disruptions. Administered by General Insurance Corporation of India (GIC Re), the pool brings together 23 insurers and reinsurers to provide coverage for Indian-flagged vessels, Indian-controlled ships, and vessels carrying cargo to and from Indian ports.
The insurance mechanism covers major maritime risks, including Hull & Machinery, Cargo, P&I, and War Risk, while strengthening India’s ability to manage marine liability insurance domestically. The initiative is expected to enhance the resilience of India’s maritime trade, develop local marine underwriting expertise, and support the country’s long-term maritime self-reliance objectives under the Maritime India Vision 2030.