India Allocates $1.4 Billion for Domestic Maritime Insurance Pool
India has announced the creation of the Bharat Maritime Insurance Pool (BMI), backed by a $1.4 billion sovereign guarantee, to provide affordable maritime insurance for Indian vessels. This initiative aims to protect India's shipping interests amid rising geopolitical tensions and challenges in accessing European marine insurance markets, particularly for vessels involved in the sanctioned oil trade with Russia. The BMI will cover various maritime risks, including hull and machinery, cargo, protection and indemnity (P&I), and war risk. This move is part of India's broader strategy to become a maritime powerhouse and reduce dependency on international insurance groups, ensuring continuity of trade even in volatile regions. 
