India launches Bharat Maritime Insurance Pool to protect trade
India just rolled out the Bharat Maritime Insurance Pool (BMI Pool) to give its shipping industry a safety net.
The idea is to keep Indian trade moving smoothly even when global insurance markets get shaky: think geopolitical tensions or sudden disruptions.
Approved by the Union Cabinet under Prime Minister Modi, this move also aims to cut down on relying so much on foreign insurers.
Pool backed by ₹12,980 cr guarantee
The BMI Pool will run for 10 years with a hefty ₹12,980 crore government guarantee behind it.
It covers Indian ships and any vessels carrying cargo in or out of the country, protecting everything from hulls and machinery to cargo and war risks.
Member insurers (with a combined ₹950 crore capacity) will handle policies, helping build homegrown expertise in marine insurance and claims.
Plus, it should save India some serious foreign exchange at a time when shipping routes near West Asia are facing more conflict than usual.