First insurance covers issued with sovereign-backed guarantee.

India Launches $1.5 Billion Bharat Maritime Insurance Pool.

India on Tuesday operationalised its $1.5-billion Bharat Maritime Insurance Pool, issuing the first insurance covers to Vedanta Sterlite Copper Ltd, Balrampur Chini Mills Ltd, and Hoger Offshore and Marine Pvt Ltd. The initiative, backed by a sovereign guarantee of $1.4 billion, aims to reduce India’s dependence on foreign maritime insurers and ensure uninterrupted insurance coverage for vessels operating to and from Indian ports. Launching the pool, M Nagaraju said the scheme would address a long-standing gap in India’s maritime trade ecosystem and provide assurance rather than profit-driven insurance solutions. The coverage will extend to ships travelling from India to global destinations, including West Asia. The Union Cabinet of India approved the BMI Pool in April to cover a broad range of maritime risks, strengthening India’s trade resilience amid global uncertainties.