Cabinet clears 12980 crore maritime insurance pool to slash costs and cut foreign reliance

A sovereign guarantee backs coverage for nearly all maritime risks

India’s Cabinet has approved the Bharat Maritime Insurance Pool, funded with a sovereign guarantee exceeding ₹12,980 crore. The scheme is designed to provide steady maritime insurance coverage for Indian vessels across a wide range of risks, reducing insurers’ reliance outside the country. Officials say it will lower operating costs and strengthen domestic capacity in maritime risk management.