New Delhi, April 19 -- The Union Cabinet approved the proposal for the creation of a domestic insurance pool, namely 'Bharat Maritime Insurance Pool' (BMI pool) with a sovereign guarantee of Rs. 12,980 crores to facilitate continuous maritime insurance coverages. The pool ensures that Indian trade continues to have access to affordable insurance for vessels carrying cargo from any international origin to Indian ports and vice versa, even when transiting volatile maritime corridors.

According to the Ministry of Finance, with increased global volatility and geopolitical instability, maritime trade has been impacted with increased risk of losses for cargo and vessels, resulting in increased insurance costs and uncertainty in the continuous ...