India Approves ₹12,980 Crore Maritime Insurance Pool To Safeguard Shipping Amid Global Risks
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The Union Cabinet has approved the ₹12,980 crore Bharat Maritime Insurance Pool (BMIP) with a sovereign guarantee to secure insurance coverage for Indian shipping amid rising geopolitical tensions, particularly in the Strait of Hormuz.
The initiative aims to reduce dependence on foreign insurers who have been tightening or withdrawing war-risk coverage in volatile maritime regions.
The pool will cover war risks, cargo loss, hull damage, and liabilities for Indian-flagged and Indian-contr
The initiative aims to reduce dependence on foreign insurers who have been tightening or withdrawing war-risk coverage in volatile maritime regions.
The pool will cover war risks, cargo loss, hull damage, and liabilities for Indian-flagged and Indian-contr
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