Govt approves Bharat Maritime Insurance Pool with sovereign guarantee of ₹12,980 crore

The government on Saturday (April 18, 2026) approved a proposal to create a domestic insurance pool, Bharat Maritime Insurance Pool (BMI pool), with a sovereign guarantee of ₹12,980 crore to facilitate continuous maritime insurance coverage. The pool ensures that Indian trade continues to have access to affordable insurance for vessels carrying cargo from any international origin to Indian ports and vice versa, even when transiting volatile maritime corridors.