On 30 July 2026, the Department of Financial Services (DFS) launched India’s first sovereign‑backed Protection & Indemnity (P&I) insurance product. The scheme is part of the Bharat Maritime Insurance Pool (BMIP) and was designed by the New India Assurance Company.
Key Developments
- 30 July 2026: Financial Services Secretary Sanjay Lohia handed over the first P&I policy to Shipping Corporation of India Ltd.
- Coverage includes third‑party liabilities such as crew & cargo liability, pollution liability, wreck removal and a 24×7 port correspondent network, with an indemnity limit of up to $1.5 billion.
- Since its start on 12 May 2026, the pool, backed by a sovereign guarantee, has issued 1,608 war‑risk policies (cargo and hull) as of 20 July 2026.
- War‑risk premium rates have fallen by roughly 35‑40 % compared with levels during the peak of the West Asia conflict.
Important Facts
The BMIP was created to ensure uninterrupted