Category : Business and economicsPublished on: May 15 2026
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India launched the $1.5 billion Bharat Maritime Insurance Pool (BMI Pool) to reduce dependence on foreign insurers and ensure uninterrupted coverage for Indian vessels. Backed by a $1.4 billion sovereign guarantee, the pool covers ships operating to and from India globally.
Approved by the Union Cabinet in April 2026, it is now operational with first insurance covers issued to companies like Vedanta Sterlite Copper Ltd, Balrampur Chini Mills Ltd, and Hoger Offshore. The initiative addresses high costs, coverage risks during conflicts, and aims to strengthen domestic control over maritime insurance.
