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India Sets Sail: Landmark Maritime Insurance Pool Approved
The pool will cover hull, cargo and war risks with combined underwriting capacity of about Rs 950 crore, officials said.
- On Saturday, the Union Cabinet, chaired by Prime Minister Narendra Modi, approved the Bharat Maritime Insurance Pool with a sovereign guarantee of ₹12,980 crore to ensure continuous maritime insurance coverage for Indian-flagged and controlled vessels.
- Amid West Asia geopolitical tensions disrupting shipping around the Strait of Hormuz, the government established this pool to reduce reliance on foreign insurers like the International Group of P&I Clubs and ensure trade continuity.
- Information and Broadcasting Minister Ashwini Vaishnaw said General Insurance Corporation of India will administer the pool, which covers hull, cargo, and war risks for a ten-year period with a five-year extension option.
- Vaishnaw announced that GIC will contribute around ₹400 crore and public sector insurers about ₹280 crore, with the pool expected to cut insurance premium costs by at least 25% immediately.
- Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal hailed the initiative as a "transformative leap" in enhancing India's maritime defense, intended to fortify trade against instability and support India's goal of becoming a top global player by 2047.
17 Articles
17 Articles
India Launches Domestic Maritime Insurance Pool To Protect Trade
India has approved the Bharat Maritime Insurance Pool, a sovereign-backed domestic scheme providing wide-ranging maritime insurance coverage to protect Indian shipping and trade from geopolitical disruptions and reliance on foreign insurers.
India Sets Sail: Landmark Maritime Insurance Pool Approved
India Sets Sail: Landmark Maritime Insurance Pool Approved In a landmark development spearheaded by the Modi government, the Union Cabinet has sanctioned the formation of a domestic maritime insurance pool valued at Rs 12,980 crore, complete with sovereign assurance. This strategic maneuver intends to fortify India's maritime trade against international market instability, decidedly curtailing reliance on foreign underwriters.The Bharat Maritime…
Shipping Minister Sonowal Hails PM Modi for 'Bharat Maritime Insurance Pool' to Bolster India's Shipping Industry Against Global Volatility
Get latest articles and stories on India at LatestLY. The move is expected to significantly reduce dependence on foreign underwriters and ensure uninterrupted risk coverage for Indian shipping. India News | Shipping Minister Sonowal Hails PM Modi for 'Bharat Maritime Insurance Pool' to Bolster India's Shipping Industry Against Global Volatility.
Cabinet clears Rs 12,980-crore maritime insurance pool to shield shipping from global risks
In a bid to protect India’s shipping sector from rising global uncertainties, the Union Cabinet on Saturday approved the creation of a domestic insurance mechanism—the ‘Bharat Maritime Insurance Pool’ (BMI Pool)—backed by a sovereign guarantee of Rs 12,980 crore to ensure uninterrupted maritime insurance coverage.
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