India Launches $1.5B Bharat Maritime Insurance Pool

India launched the Bharat Maritime Insurance Pool on May 12, 2026, providing a $1.5 billion underwriting capacity backed by a sovereign guarantee of approximately $1.4 billion, or 12,980 crore rupees, to ensure continuous maritime insurance coverage for Indian-linked shipping amid escalating geopolitical tensions in West Asia.

The Department of Financial Services under the Ministry of Finance inaugurated the pool during an event in New Delhi chaired by Secretary M. Nagaraju. At the ceremony, officials handed over the first policies issued under the mechanism. The New India Assurance Company Ltd provided a Marine Hull and Machinery War Policy to Hoger Offshore and Marine Pvt Ltd, offering protection against war perils in high-risk zones. A Marine Cargo War Policy went to Vedanta Sterlite Copper Ltd for imports of cable wires, and another policy was issued to Balrampur Chini Mills Ltd.

The pool covers hull and machinery, cargo, protection and indemnity, and war risks for Indian-flagged vessels, India-controlled ships, and those traveling to or from Indian ports. It addresses vulnerabilities where foreign insurers and reinsurers have withdrawn or restricted coverage due to...