Cabinet approves creation of Bharat Maritime Insurance Pool with ₹12,980 crore sovereign guarantee to ensure maritime insurance continuity.
Pool covers Hull, Machinery, Cargo, P&I, and War risks for vessels to/from India via volatile corridors.
Addresses global volatility and reduces dependency on international insurers with ₹950 crore underwriting capacity.
Governing body to oversee pool formation to strengthen self-reliance and sanctions resilience for Indian trade.