New Delhi, May 26 -- Global reinsurers often cancel war-risk cover in conflict zones, as seen during the ongoing Iran war. The Bharat Maritime Insurance Pool (BMIP) is India's strategic response to ensure continuity of cover for Indian vessels when international markets withdraw or premiums become prohibitively expensive, said Hitesh Joshi, officiating chairman-cum-managing director of General Insurance Corporation of India (GIC Re).

In an emailed interview with Mint, Joshi said that recent disruptions in key maritime chokepoints have repeatedly exposed the vulnerability of Indian shipping, prompting the government to launch the Rs.12,980-crore sovereign-backed Bharat Maritime Insurance Pool and reduce India's dependence on volatile glob...