India launches 1st sovereign-backed P&I under BMIP $1.5 billion coverage
Business
India just rolled out its first sovereign-backed Protection and Indemnity (P and I) insurance under the Bharat Maritime Insurance Pool (BMIP).
This new policy, created by New India Assurance Company, covers big risks for ships, like crew and cargo issues, pollution, wreck removal, and port services, with a hefty $1.5 billion coverage limit.
BMIP cuts premiums up to 40%
The Shipping Corporation of India got the very first policy at a launch event attended by top officials.
Since BMIP started in May 2026, it has kept war risk insurance running smoothly even during regional conflicts and helped cut premium rates by up to 40%.