Fin min launches domestic maritime insurance pool with sovereign guarantee
This story was originally published at 20:50 IST on 12 May 2026
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NEW DELHI – Kicking off the domestic maritime insurance pool, Department of Financial Services Secretary M. Nagaraju on Tuesday handed over the first policies under the Bharat Maritime Insurance Pool. The insurance pool covers all maritime risks such as hull and machinery, cargo, protection and indemnity and war risk for Indian flagged or controlled vessels, the finance ministry said in a release.
A governing body has been formed to oversee the functioning of the pool, including approvals regarding the invocation of the sovereign guarantee. General Insurance Corp. of India is the pool administrator, which will submit the returns, details of re-insurance arrangement, and statements on performance of the pool, the release said.
The insurance policies will be issued by domestic insurers that are pool members, while the risks would be reinsured by all pool members, in proportion to their capacity commitment in the Pool.
In April, the Union Cabinet had approved the creation of a domestic insurance pool with a sovereign guarantee of INR 129.80 billion to facilitate continuous maritime insurance coverage. The insurance pool will ensure that Indian trade continues to have access to affordable insurance for vessels carrying cargo from any international origin to Indian ports and vice-versa, even when transiting volatile maritime corridors, the government had said. The duration of the pool is 10 years, and it is extendable up to 15 years. End
Reported by Sagar Sen
Edited by Avishek Dutta
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