Bharat Maritime Insurance Pool Latest News
Recently, the union government took a decisive step to shield its seaborne trade from global disruptions with the creation of the Bharat Maritime Insurance Pool (BMI Pool).
About Bharat Maritime Insurance Pool
- It is a new domestic maritime insurance scheme designed to safeguard the country’s shipping and trade interests during periods of global instability.
- It is a Centre-backed mechanism designed to ensure uninterrupted and affordable maritime insurance coverage.
- It is backed by a sovereign guarantee of Rs 12,980 crore.
- The BMI Pool will provide insurance support to Indian-flagged vessels, Indian-controlled ships, and vessels carrying cargo to or from India, including those passing through volatile maritime routes.
- It will cover a wide range of risks, including hull and machinery, cargo, protection and indemnity, and war risk insurance.
- The BMI Pool will initially run for 10 years, with the possibility of a five-year extension.
- Significance: It is expected to strengthen India’s self-reliance in marine insurance, build domestic expertise in underwriting and claims management, and ensure continuity of coverage in case of global disruptions or sanctions.
Source: FE
Last updated on April, 2026
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Bharat Maritime Insurance Pool FAQs
Q1. What is the sovereign guarantee amount for BMI Pool?+
Q2. BMI Pool is approved for how many years initially?+
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