National News

Bharat Maritime Insurance Pool (BMIP)

August 9 , 2026 9 hrs 0 min 8 0

It was India's first sovereign-backed maritime insurance and risk-sharing mechanism.
It was launched by the Ministry of Finance's Department of Financial Services (DFS).
The war risk premium rates have decreased approximately by 35-40 percent - levels observed at the height of the West Asia conflict.
It ensures the continuity of maritime war risk insurance coverage.
It fosters the development of domestic underwriting capacity and enhances confidence among India’s shipping and trade stakeholders.