
The Department of Financial Services (DFS) under the Ministry of Finance (MoF) has launched the “Bharat Maritime Insurance Pool” (BMIP) in New Delhi. The BMIP is established with a total value of $1.5 billion, which includes a sovereign guarantee of $1.4 billion (₹12,980 crore).
The initiative aims to reduce the heavy reliance of Indian vessels on foreign International Group (IG) Protection and Indemnity (P&I) Clubs for third-party liability coverage.
