NEW DELHI : India strengthens its maritime insurance ecosystem with the launch of the country’s first sovereign-backed Protection & Indemnity (P&I) Insurance Product under the Bharat Maritime Insurance Pool (BMIP).
Since its operationalisation on 12 May 2026, BMIP has helped reduce war risk premium rates by approximately 35–40%, while issuing 1,608 Cargo and Hull War Risk policies as on 29 July 2026, reinforcing India’s journey towards a resilient and self-reliant maritime sector.
The Department of Financial Services (DFS) has launched India’s first sovereign-backed Protection and Indemnity insurance product under Bharat Maritime Insurance Pool (BMIP). Addressing the launch event in New Delhi on Friday, DFS Secretary Sanjay Lohiya congratulated all stakeholders involved in the process of formulation of the insurance product for achieving this milestone for India’s maritime sector. He also handed over the first Protection and Indemnity policy document to Shipping Corporation of India Limited.
The Ministry of Finance said with the introduction of BMIP, the war risk premium rates have decreased approximately by 35-40 percent, from the levels observed at the height of West Asia conflict. It added that as of yesterday a total of 1 thousand 608 policies covering Cargo War risks and Hull War risks have been issued under the Pool. The Ministry noted that the BMIP mechanism ensures the continuity of maritime war risk insurance coverage, fosters the development of domestic underwriting capacity, and enhances confidence among India’s shipping and trade stakeholders. It added that extending the pool to include Protection and Indemnity coverage would further strengthen India’s maritime risk management framework and improve the resilience of its maritime insurance ecosystem.
