{"id":99103,"date":"2026-05-13T10:44:00","date_gmt":"2026-05-13T05:14:00","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=99103"},"modified":"2026-05-14T11:31:20","modified_gmt":"2026-05-14T06:01:20","slug":"bharat-maritime-insurance-pool","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/bharat-maritime-insurance-pool\/","title":{"rendered":"Bharat Maritime Insurance Pool"},"content":{"rendered":"<h2><b>Bharat Maritime Insurance Pool Latest News<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The Department of Financial Services (DFS) formally inaugurated India\u2019s domestic insurance pool, that is, the Bharat Maritime Insurance Pool (BMIP).\u00a0 <\/span><\/p>\n<h2><b>About Bharat Maritime Insurance Pool<\/b><\/h2>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"font-weight: 400;\">It was launched by the Central Government as a <\/span><b>$1.5 billion domestic insurance mechanism <\/b><span style=\"font-weight: 400;\">backed by a <\/span><b>sovereign guarantee of $1.4 billion<\/b><span style=\"font-weight: 400;\">, or nearly Rs 12,980 crore.\u00a0<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-weight: 400;\">BMIP has been created to <\/span><b>ensure uninterrupted maritime insurance coverage<\/b><span style=\"font-weight: 400;\"> for <\/span><b>Indian-flagged or Indian-controlled vessels,<\/b><span style=\"font-weight: 400;\"> as well as <\/span><b>ships operating to and from India.\u00a0<\/b><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-weight: 400;\">It will provide <\/span><b>coverage <\/b><span style=\"font-weight: 400;\">for a wide range of <\/span><b>maritime risks, including Hull and Machinery, Cargo, Protection and Indemnity (P&amp;I), and War Risk insurance.\u00a0<\/b><\/li>\n<li style=\"text-align: justify;\"><b>Policies <\/b><span style=\"font-weight: 400;\">will be <\/span><b>issued by domestic insurers that are Pool members<\/b><span style=\"font-weight: 400;\">, <\/span><b>using <\/b><span style=\"font-weight: 400;\">the <\/span><b>combined underwriting capacity of the Pool.\u00a0<\/b><\/li>\n<li style=\"text-align: justify;\"><b>These risks<\/b><span style=\"font-weight: 400;\"> would then be <\/span><b>reinsured by all Pool members,<\/b><span style=\"font-weight: 400;\"> in proportion to their capacity commitment in the Pool.\u00a0<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Under the structure,<\/span><b> claims up to USD 100 million<\/b><span style=\"font-weight: 400;\"> will be <\/span><b>met through pooled capacity,<\/b><span style=\"font-weight: 400;\"> while <\/span><b>higher claims will be backed by the sovereign guarantee<\/b><span style=\"font-weight: 400;\"> after exhausting reserves and reinsurance arrangements.\u00a0<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-weight: 400;\">A <\/span><b>governing body<\/b><span style=\"font-weight: 400;\"> has been constituted to <\/span><b>oversee the functioning of the pool<\/b><span style=\"font-weight: 400;\">, including approvals regarding the invocation of the sovereign guarantee.<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-weight: 400;\">In addition, an <\/span><b>Underwriting Committee (UC) <\/b><span style=\"font-weight: 400;\">responsible for ensuring prudent, consistent, and technically sound underwriting of risks ceded to the pool has been formed.\u00a0<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The <\/span><b>General Insurance Corporation of India (GIC Re) <\/b><span style=\"font-weight: 400;\">will act as the <\/span><b>pool administrator.<\/b><\/li>\n<\/ul>\n<p><b>Source<\/b><strong>:<\/strong> <a href=\"https:\/\/www.thehindu.com\/business\/dfs-launches-bharat-maritime-insurance-pool-for-indian-vessels-amid-risk-to-operations-on-west-asia-crisis\/article70971164.ece\" target=\"_blank\" rel=\"nofollow noopener\"><span style=\"font-weight: 400;\"><strong>TH<\/strong><\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bharat Maritime Insurance Pool was launched by the Central Government as a $1.5 billion domestic insurance mechanism backed by a sovereign guarantee of $1.4 billion, or nearly Rs 12,980 crore. Read more about Bharat Maritime Insurance Pool, Significance, Latest News.<\/p>\n","protected":false},"author":24,"featured_media":99349,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[6966],"class_list":{"0":"post-99103","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"tag-bharat-maritime-insurance-pool","9":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/99103","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=99103"}],"version-history":[{"count":6,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/99103\/revisions"}],"predecessor-version":[{"id":103364,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/99103\/revisions\/103364"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/99349"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=99103"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=99103"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=99103"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}