Bharat Maritime Insurance Pool (BMIP):
World Maritime Day 2026 was observed on 24th September 2026 under the theme “From Policy to Practice: Powering Maritime Excellence,” highlighting the need for resilient and effective maritime systems.Maritime routes are central to India’s trade, energy security and economic growth, carrying crude oil imports, merchandise exports and other critical cargo. In this context, India’s Bharat Maritime Insurance Pool (BMIP) has gained significance as part of the country’s efforts to strengthen maritime resilience and reduce external dependence on maritime insurance.India operates 12 Major Ports and 217 Non-Major Ports that handle diverse cargo across the country. During 2025–26, these ports handled around 1,668 million metric tonnes of cargo, reflecting the growing role of maritime trade in economic development.
Bharat Maritime Insurance Pool (BMIP)
- BMIP is India’s first domestic maritime insurance pool, approved on 18th April 2026 and formally launched on 12th May 2026, with coverage capacity of ₹13,906.50 crore (USD 1.5 billion) and sovereign backing of ₹12,980 crore (USD 1.4 billion).
- It aims to reduce dependence on foreign insurers, strengthen domestic maritime insurance capacity and ensure affordable and uninterrupted insurance coverage during global disruptions.
- It covers Hull & Machinery, Cargo, Protection & Indemnity (P&I) and War risks for Indian-flagged vessels, vessels owned, managed or controlled by Indian entities, and cargo vessels originating from or destined for India.
- BMIP enables Indian insurers to independently cover higher-value Indian vessels, strengthening domestic capability in maritime risk insurance. BMIP has an initial tenure of 10 years, extendable up to 15 years.
