The Bharat Maritime Insurance Pool (BMI Pool) has successfully lowered insurance premiums for Indian shipowners, with 85 policies issued to vessel owners within just one month of its rollout.
The Prime Minister’s Cabinet approved the BMI Pool on April 18, 2026, with a sovereign guarantee of ₹12,980 crore to facilitate continuous maritime insurance coverage for India’s shipping industry. The pool is administered by GIC Re, which coordinates participation from both public and private insurers to manage overall operations and underwriting capacity of around ₹950 crore.
What the pool covers
The BMI Pool provides comprehensive coverage for all maritime risks including Hull and Machinery (vessel damage), Cargo (goods in transit), Protection and Indemnity (P&I) for third-party liabilities such as pollution or crew injury, and War Risk for operations in conflict-prone regions.
The insurance mechanism covers Indian-flagged vessels, Indian-controlled ships, and vessels carrying cargo to or from Indian ports, ensuring broad coverage across trade routes even when transiting volatile maritime corridors.
Strategic significance
The pool was created to address global volatility, geopolitical instability and reduce external insurance dependency of Indian shipping, ensuring that Indian trade continues to have access to affordable insurance coverage during periods of geopolitical uncertainty.
By managing liability insurance locally and tailoring it to Indian shipping conditions and regulatory requirements, the BMI Pool aims to develop specialized marine underwriting, claims management and legal expertise within India, while providing stability and continuity of coverage for the domestic shipping industry.
