India has launched the Bharat Maritime Insurance Pool, a 1.5 billion initiative designed to strengthen domestic maritime trade by cutting reliance on foreign insurers. The pool comes with a sovereign guarantee meant to keep insurance coverage continuous for vessels. First insurance covers have already been issued to key entities, signaling immediate support for India’s expanding maritime sector.
India’s Cabinet has approved the Bharat Maritime Insurance Pool, funded with a sovereign guarantee exceeding ₹12,980 crore. The scheme is designed to provide steady maritime insurance coverage for Indian vessels across a wide range of risks, reducing insurers’ reliance outside the country. Officials say it will lower operating costs and strengthen domestic capacity in maritime risk management.
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