Cabinet Approves Bharat Maritime Insurance Pool With Sovereign Guarantee

21 Apr 2026 CW Team

The pool will cover Hull and Machinery, cargo, Protection and Indemnity and war risk, with Protection and Indemnity defined as P&I. Policies will be issued by insurers that join as pool members using combined underwriting capacity estimated at around Rs 9.5 billion (Rs 9.5 bn). The arrangement is designed to reduce reliance on international clubs and to address withdrawal of cover due to sanctions or geopolitical tension. Coverage will apply to Indian flagged or controlled vessels and to ships destined to or starting from India.

The government indicated domestic management of liability insurance will permit tailoring of cover to Indian shipping conditions and regulatory requirements and will foster specialised marine underwriting, claims management and legal expertise within the country. A governing body for the pool will oversee formation, functioning and operational norms. The sovereign guarantee was framed as a means to strengthen self reliance, sanctions resilience and sovereign control over maritime risk. The pool is intended to ensure continuity of trade and reduce uncertainty arising from global volatility.

The step follows concern about rising insurance costs and the impact of geopolitical instability on maritime trade, which increased risk of losses for cargo and vessels. The government envisages the pool will help maintain availability of cover and support Indian shipping and trade interests. Implementation details and membership modalities will be finalised by the governing body and participating insurers. The initiative forms part of wider efforts to bolster domestic capabilities in the maritime sector.

The Union Cabinet chaired by the Prime Minister Narendra Modi approved creation of the Bharat Maritime Insurance Pool to provide continuous cover for vessels linked to Indian trade. The cabinet sanctioned a sovereign guarantee of Rs 129.8 billion (Rs 129.8 bn) to support the pool. The measure aims to secure affordable insurance for vessels carrying cargo from any international origin to Indian ports and from Indian ports to overseas destinations. It is intended to operate when vessels transit volatile maritime corridors. The pool will cover Hull and Machinery, cargo, Protection and Indemnity and war risk, with Protection and Indemnity defined as P&I. Policies will be issued by insurers that join as pool members using combined underwriting capacity estimated at around Rs 9.5 billion (Rs 9.5 bn). The arrangement is designed to reduce reliance on international clubs and to address withdrawal of cover due to sanctions or geopolitical tension. Coverage will apply to Indian flagged or controlled vessels and to ships destined to or starting from India. The government indicated domestic management of liability insurance will permit tailoring of cover to Indian shipping conditions and regulatory requirements and will foster specialised marine underwriting, claims management and legal expertise within the country. A governing body for the pool will oversee formation, functioning and operational norms. The sovereign guarantee was framed as a means to strengthen self reliance, sanctions resilience and sovereign control over maritime risk. The pool is intended to ensure continuity of trade and reduce uncertainty arising from global volatility. The step follows concern about rising insurance costs and the impact of geopolitical instability on maritime trade, which increased risk of losses for cargo and vessels. The government envisages the pool will help maintain availability of cover and support Indian shipping and trade interests. Implementation details and membership modalities will be finalised by the governing body and participating insurers. The initiative forms part of wider efforts to bolster domestic capabilities in the maritime sector.

Equipment

21 Apr 2026

India CE Industry Ends FY26 on a Steady Recovery Path

India’s construction equipment industry closed FY26 on a stable note, reflecting measured resilience and gradually improving momentum. Total sales in Q4 FY26 rose 4 per cent year on year to 42,906 units, extending the recovery seen over the past two years.Domestic demand for the full year remained under pressure, declining 7 per cent, but exports provided strong support. Overall exports grew 31 per cent, while non-OEM exports increased 13 per cent, highlighting sustained demand from overseas markets.March 2026 further underlined the recovery, with sales rising 6 per cent year on year and 13 ..

Infrastructure Urban

21 Apr 2026

Leaders Question FIR Against Anil Agarwal

Several industry and public figures have questioned the FIR filed against Anil Agarwal following the boiler accident in Chhattisgarh, while also expressing condolences over the loss of lives and calling for a thorough investigation.Naveen Jindal said the tragedy was deeply painful and stressed that compensation, livelihood support for affected families and a fair probe were essential. He also questioned naming Agarwal in the FIR before completion of the investigation.Kiran Bedi urged restraint, saying investigations should focus on learning lessons and strengthening systems rather than prematu..

Infrastructure Urban

21 Apr 2026

Tier 2, 3 Cities Drive 66% of New D2C Orders

Tier 2 and Tier 3 cities accounted for 66 per cent of new direct-to-consumer (D2C) orders in FY 2026, according to a new analysis by Unicommerce.The report said buyers from smaller cities also contributed 60 per cent of incremental gross merchandise value (GMV) in FY 2026 compared with FY 2025, highlighting rising demand beyond metro markets.Overall, India’s D2C segment recorded strong growth, with order volumes rising 33 per cent and GMV increasing 32 per cent year-on-year. The findings are based on more than 400 million order items processed through brand websites on Unicommerce’s Uniwar..