Cabinet clears Rs 12,980 crore maritime insurance pool to cut costs
- Posted on April 19, 2026
- By Business News Today
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In brief
India's Cabinet has approved the establishment of the Bharat Maritime Insurance Pool, a groundbreaking initiative designed to strengthen the nation's shipping sector. Supported by a government guarantee exceeding ₹12,980 crore, this pool will provide comprehensive maritime coverage for domestic vessels while reducing reliance on foreign insurance providers. The scheme addresses critical gaps in India's maritime insurance landscape, offering competitive premiums and robust protection across all maritime risks.
Cabinet clears Rs 12,980 crore maritime insurance pool to cut costs
India is launching the Bharat Maritime Insurance Pool, backed by a substantial sovereign guarantee of over ₹12,980 crore. This strategic initiative aims to offer unwavering maritime insurance coverage for Indian vessels, encompassing all maritime risks and significantly decreasing dependency on international insurers.
