India on Tuesday launched the 'Bharat Maritime Insurance Pool' (BMIP) with a total capacity of USD 1.5 billion and a sovereign guarantee of USD 1.4 billion to ensure uninterrupted maritime insurance coverage amid global geopolitical tensions, including developments in the Middle East.
Launching the pool, Financial services secretary M Nagaraju said it would bridge a key gap in India's maritime trade, which has so far relied heavily on foreign insurers. The pool offers a sovereign guarantee of $1.4 billion to support uninterrupted maritime insurance coverage.
"We will insure vessels coming to India or going from India to any part of the world; that includes West Asia," he said, adding that it was not aimed at profiteering from but at providing assurance to India's maritime trade.