India relies heavily on maritime trade, with most of cargo and energy supplies transported through sea routes. The Bharat Maritime Insurance Pool-BMIP offers marine insurance to Hull and machinery risks in respect of vessels that are Indian flagged or are owned, managed or controlled by Indian entities or cargo vessels destined to or starting from India. It was launched in May 2026 with coverage up to 13,900 crore rupees. It provides domestic insurance coverage for Hull, Cargo, Protection and Indemnity, and War risks.

The Bharat Maritime Insurance Pool marks a major step in India’s maritime financial independence. Its role is to ensure credible operations, competitive pricing, and reliable claims handling for stakeholders. Medium-term focus remains on strengthening human capital, legal frameworks, and reinsurance partnerships. These efforts enhance resilience while keeping reliance on sovereign backing minimal. As shipbuilding expands and ports handle larger cargo volumes, the pool will grow alongside India’s maritime ambitions. Its capacity and coverage stand as a lasting pillar of India’s maritime infrastructure.