New Delhi, May 12 -- The government has launched the Bharat Maritime Insurance Pool with an estimated coverage capacity of USD 1.4 billion, or nearly Rs 13,000 crore, backed by a sovereign guarantee to strengthen India's maritime trade resilience and reduce dependence on foreign insurance players, M Nagaraju Secretary Department of Financial Services said on Tuesday.

Speaking at the launch event, Nagaraju said, "The Bharat Maritime Insurance Pool will cover all Indian flag vessels, coastal vessels, or even vessels destined for India or starting from India to ensure that Indian trade continues to have access to stable and affordable insurance for vessels carrying cargo from any international origin to Indian coast, even transiting volatil...