India launches $1.5 billion BMIP to shield shipping and trade
Business
India just rolled out the Bharat Maritime Insurance Pool (BMIP), a $1.5 billion safety net for ships traveling international routes.
With insurance costs climbing thanks to tensions in West Asia, the government wants to make sure Indian shipping stays protected and trade doesn't hit a snag.
BMIP receives $1.4 billion government guarantee
BMIP covers ships even in high-risk and war-prone zones, backed by a hefty $1.4 billion government guarantee.
Managed by GIC Re, it brings together Indian insurers to share risks and handle claims up to $100 million themselves: anything bigger gets government support.