New delhi: India has unveiled the 'Bharat Maritime Insurance Pool' (BMIP) with a total capacity of USD 1.5 billion, featuring a sovereign guarantee of USD 1.4 billion. This initiative aims to secure uninterrupted maritime insurance coverage amidst global geopolitical tensions, notably those affecting the Middle East.
According to Emirates News Agency, Financial Services Secretary M Nagaraju announced the launch, emphasizing the pool's role in addressing a significant gap in India's maritime trade. Historically reliant on foreign insurers, India will now provide its own coverage. The pool's sovereign guarantee is designed to ensure consistent maritime insurance.
"We will insure vessels coming to India or going from India to any part of the world; that includes West Asia," M Nagaraju explained. He stressed that the pool is not intended for profit but to offer reassurance to India's maritime sector, ensuring uninterrupted trade and navigation.