Bharat Maritime Insurance Pool (BMIP)

Bharat Maritime Insurance Pool (BMIP)

Ministry: Department of Financial Services (DFS), Ministry of Finance (MoF)

Launched: May 2026, New Delhi

Key Points

• Pool Size: USD 1.5 Billion
• Sovereign Guarantee: USD 1.4 Bn (≈ ₹12,980 Crore)
• Purpose: Risk cover for Indian vessels on international sea routes, including war/high-risk zones
• Context: West Asia tensions; reducing dependence on foreign P&I Clubs (International Group)
• Coverage: Third-party liabilities – oil pollution, wreck removal, cargo damage, crew injury, collision
• Strategic Goal: Strengthen sovereign control over India's maritime trade

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UPSC Angle: Prelims – BMIP figures. Mains GS-III – maritime security, insurance, trade.

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