Economy
India’s Maritime Pool Cuts War-Risk Premiums, Insures 3,095 Policies
India’s first domestic maritime insurance pool has issued 3,095 policies and reduced war-risk premiums by 35–40%.
What happened
The Bharat Maritime Insurance Pool (BMIP), approved on 18 April 2026 and launched on 12 May, provides domestic coverage for Indian-flagged ships and vessels owned, managed or controlled by Indian entities. The pool has total capacity of ₹13,906.50 crore ($1.5 billion), including a ₹12,980 crore ($1.4 billion) government guarantee. It covers hull and machinery, cargo war risks, and protection and indemnity liabilities. By 7 September 2026, BMIP had issued 3,000 cargo war-risk policies, 92 hull war-risk policies and three P&I policies. War-risk premiums have fallen about 35–40% since its launch.
Why it matters
The pool reduces Indian shipowners’ reliance on foreign insurers and provides domestic coverage during disruptions. Lower war-risk premiums can reduce insurance costs for vessels and cargo exposed to high-risk trade routes.
Source: Press Information Bureau (India)