India launches $1.5 billion Bharat Maritime Insurance Pool
India on Tuesday launched the Bharat Maritime Insurance Pool (BMIP) in New Delhi, creating a maritime insurance structure with a total capacity of USD 1.5 billion and a sovereign guarantee of USD 1.4 billion. Financial services secretary M Nagaraju said the pool is designed to ensure uninterrupted maritime insurance coverage amid global geopolitical tensions, including developments in the Middle East.
He said the facility is intended to bridge a key gap in India's maritime trade. Nagaraju said India has so far relied heavily on foreign insurers for this coverage.
He said the new pool will insure vessels coming to India or going from India to any part of the world. Nagaraju added that the pool is not aimed at profiteering but at providing assurance to India's maritime trade.
