India launches Bharat Maritime Insurance Pool to boost trade security
India has strengthened its maritime risk protection framework with the launch of the ‘Bharat Maritime Insurance Pool’ (BMIP) by the Department of Financial Services under the Ministry of Finance. Backed by a sovereign guarantee of $1.4 billion, the $1.5 billion insurance pool will provide comprehensive maritime insurance coverage for Indian vessels and cargo. The initiative aims to ensure continuity of trade operations amid evolving global geopolitical challenges and the current tensions in the Middle East. According to the Ministry, the launch of BMIP marks a significant step towards improving India’s maritime resilience and strengthening financial sovereignty in the maritime sector.
