en.Wedoany.com Reported - The Indian Union Cabinet approved a government-backed Bharat Marine Insurance (BMI) Pool worth ₹129.8 billion in April 2026 to strengthen the country's shipping sector and reduce dependence on foreign insurers. This insurance pool will provide comprehensive coverage for Indian vessels operating both domestically and internationally, including hull and machinery, cargo, protection and indemnity, and war risks.

India's maritime sector handles over 70% of trade volume and 95% of trade value, but was previously heavily reliant on foreign insurance markets, making it vulnerable to geopolitical shocks. Recent heightened tensions in West Asia and uncertainties surrounding several key shipping lanes have led global insurers to significantly increase premiums or adopt a case-by-case approval approach, prompting the Indian government to launch this initiative.

The Bharat Marine Insurance Pool will have an initial operational period of 10 years, extendable to 15 years. Member insurers will utilize a combined underwriting capacity of approximately ₹9.5 billion to issue policies covering Indian-flagged vessels, Indian-controlled vessels, and vessels carrying cargo to and from Indian ports. The pool will also provide war risk insurance for vessels operating in conflict-prone international waters.

Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal stated that this decision reflects India's broader efforts towards strategic autonomy in critical areas and aligns with the India Maritime Vision 2030.

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