India likely to roll out $1.5 billion GIC Re fund
Business
India is likely to roll out a $1.5 billion reinsurance fund to help Indian ships facing sky-high insurance costs while sailing through risky areas in West Asia.
The fund, managed by GIC Re, is meant to make things easier for insurers and keep trade moving smoothly, especially through hotspots like the Strait of Hormuz.
War risk premiums up to 7.5%
War risk insurance premiums have jumped sharply, sometimes up to 7.5%, because of ongoing conflicts, making it tough for shipping companies to operate affordably.
This new fund is part of a bigger government push (alongside RBI and DGFT) to help industries handle rising costs and stay afloat during these unpredictable times.