India Launches Bharat Maritime Insurance Pool With Sovereign Backstop

14 May 2026 CW Team

The launch event was chaired by the Secretary, Department of Financial Services, and attended by senior officers including the Special Secretary, the Additional Secretary and the chairpersons and chiefs of general insurance bodies and the ports ministry. The secretary handed over the first marine hull and machinery war policy document issued under the pool to an offshore and marine firm. A marine cargo war policy covering an import of cable wire was presented to an industrial importer and another policy was issued to a sugar mill.

A governing body has been constituted to oversee the pool and to approve any invocation of the sovereign guarantee. An underwriting committee will ensure prudent, consistent and technically sound underwriting of risks ceded to the pool. GIC Re has been appointed pool administrator and will submit returns, details of reinsurance arrangements and statements on pool performance. Domestic insurers that are pool members will issue policies using the combined underwriting capacity and will reinsure risks in proportion to their capacity commitments.

For claims up to USD 100 mn the pool will service payments from its own capacity and for claims beyond USD 100 mn the sovereign guarantee will be invoked as a contingent backstop after complete exhaustion of the pool's accumulated reserves, member contributions and reinsurance arrangements. The pool is designed to reduce disruption arising from restrictions or withdrawal of external reinsurance in sanctioned or high-risk environments, strengthen sovereign control over maritime trade and support continuity of trade flows during geopolitical tension.

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The Department of Financial Services of the Ministry of Finance launched the domestic insurance pool, Bharat Maritime Insurance Pool, comprising United States dollar one point five billion (USD 1.5 bn), with a sovereign guarantee of USD one point four billion (USD 1.4 bn), equivalent to Rs 129.8 bn. The pool is intended to provide continuous maritime insurance cover for Indian flagged or controlled vessels and for vessels destined to or starting from India. It covers hull and machinery, cargo, protection and indemnity and war risk in the context of current Middle East tensions. The launch event was chaired by the Secretary, Department of Financial Services, and attended by senior officers including the Special Secretary, the Additional Secretary and the chairpersons and chiefs of general insurance bodies and the ports ministry. The secretary handed over the first marine hull and machinery war policy document issued under the pool to an offshore and marine firm. A marine cargo war policy covering an import of cable wire was presented to an industrial importer and another policy was issued to a sugar mill. A governing body has been constituted to oversee the pool and to approve any invocation of the sovereign guarantee. An underwriting committee will ensure prudent, consistent and technically sound underwriting of risks ceded to the pool. GIC Re has been appointed pool administrator and will submit returns, details of reinsurance arrangements and statements on pool performance. Domestic insurers that are pool members will issue policies using the combined underwriting capacity and will reinsure risks in proportion to their capacity commitments. For claims up to USD 100 mn the pool will service payments from its own capacity and for claims beyond USD 100 mn the sovereign guarantee will be invoked as a contingent backstop after complete exhaustion of the pool's accumulated reserves, member contributions and reinsurance arrangements. The pool is designed to reduce disruption arising from restrictions or withdrawal of external reinsurance in sanctioned or high-risk environments, strengthen sovereign control over maritime trade and support continuity of trade flows during geopolitical tension.

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