New Delhi, April 18 -- The Union Cabinet chaired by the Prime Minister Narendra Modi today has approved the proposal for 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.

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 conti...