नौवहन महानिदेशालय
Directorate General of Shipping
Ministry of Ports, Shipping and Waterways
Government of India
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Workshop on Implementation of Bharat Maritime Insurance Pool (BMIP)

The Directorate General of Shipping organised a Workshop on the Implementation of the Bharat Maritime Insurance Pool (BMIP) on 5 June 2026, in collaboration with the General Insurance Council (GIC Re), New India Assurance (NIA), The Shipping Corporation of India (SCI), and other industry stakeholders. The workshop brought together regulators, insurers, shipowners, and maritime professionals to discuss the operational framework and implementation of BMIP in India.The workshop provided an overview of BMIP as India’s first sovereign-backed maritime insurance framework, designed to provide coverage for War Risk Cargo, War Risk Hull & Machinery, and Protection & Indemnity (P&I) risks for Indian maritime interests. The framework was presented in the context of strengthening domestic insurance capacity and ensuring continuity of insurance coverage for Indian shipping operations.Discussions also highlighted the financial structure of BMIP, comprising a core industry capacity of approximately ₹927 crore (USD 100 million) and a Government-backed sovereign guarantee of about ₹12,980 crore (USD 1.4 billion), enabling a total coverage capacity of up to ₹13,906 crore (USD 1.5 billion) per policy. The initiative is managed by GIC Re as the Pool Manager and Administrator and is supported by 23 member companies comprising 20 General Insurance Companies and 3 Reinsurance Companies.