New Delhi, April 24 -- The ongoing West Asia war has renewed urgency within the government to set up an India-based protection and indemnity (P&I) entity-tentatively referred to as the "India Club"-to provide third-party maritime insurance for coastal shipping and inland waterways.

The move underscores a structural vulnerability in India's shipping ecosystem: its near-total dependence on global P&I clubs for specialized marine insurance.

P&I insurance is critical for shipowners as it covers third-party liabilities, including environmental damage, cargo risks and crew-related claims. However, such coverage becomes significantly more expensive during periods of conflict or geopolitical instability-as seen now in rising war-risk premiums-e...