India launches first sovereign-backed maritime liability insurance under BMIP
The Department of Financial Services launched India's first sovereign-backed Protection and Indemnity insurance under the Bharat Maritime Insurance Pool (BMIP), providing coverage against third-party liabilities with an indemnity limit of up to USD 1.5 billion. This initiative aims to enhance India's maritime insurance capacity and supports the Atmanirbhar Bharat vision, following a reduction in war-risk premiums by 35-40%. The move is expected to bolster confidence among stakeholders in India's shipping and trade sectors.