Cabinet approves proposal for creation of ‘Bharat Maritime Insurance Pool’ (BMI pool) with a sovereign guarantee of Rs 12,980 crore to facilitate continuous maritime insurance coverages

• Bharat Maritime Insurance Pool (BMIP) is a domestic marine insurance pool backed by a sovereign guarantee of ₹12,980 crore (~USD 1.4 billion) with a total pool size of USD 1.5 billion, approved by the Union Cabinet on 18 April 2026.
• Purpose: cut external reinsurance dependency of Indian vessels, especially during geopolitical disruptions (e.g., Red Sea / Middle East tensions) and provide continuous Hull, Cargo, P&I and War-risk cover.
• Examinable as a flagship initiative under the Maritime India Vision 2030 / Amrit Kaal Vision 2047 ecosystem — overlaps GS-III (economy, infrastructure, security of sea-lanes) and GS-II (governance / sovereign guarantees).