L to R: Debasish Prusty, additional secretary,Department Financial Services , Sanjay Lohiya, secretary,DFS, Capt. Binesh Kumar Tyagi, CMD, Shipping Corporation of India, Shyam Jagannathan,director general, Shipping in an event in New Delhi on Thursday
In an event in New Delhi, Sanjay Lohiya, secretary, Department of Financial Services handed over the first P&I policy document to Shipping Corporation of India issued by New India Assurance under Bharat Maritime Insurance Pool (BMIP), providing financial protection against third party liabilities including Crew & Cargo liability, pollution liability, wreck removal, 24×7 port correspondent network with indemnity limit upto USD 1.5 billion, through the combined capacity of the pool.
As on 29th July 2026, a total of 1608 policies covering Cargo War risks and Hull War risks have been issued under the Pool.
New Delhi:Sanjay Lohiya, secretary, Department of Financial Services on Thursday launched India’s first sovereign-backed Protection & Indemnity insurance product under Bharat Maritime Insurance Pool (BMIP), designed by the New India Assurance.
In an event in New Delhi, Lohiya handed over the first P&I policy document to Shipping Corporation of India issued by NIA under BMIP, providing financial protection against third party liabilities including Crew & Cargo liability, pollution liability, wreck removal, 24×7 port correspondent network with indemnity limit upto USD 1.5 billion, through the combined capacity of the pool.
With the introduction of BMIP, the war risk premium rates have decreased approximately by 35-40%, if compared with the levels observed at the height of the West Asia conflict.
As on 29th July 2026, a total of 1608 policies covering Cargo War risks and Hull War risks have been issued under the Pool.
Speaking on the occasion, Lohiya congratulated all stakeholders involved in the process of formulation of the Protection & Indemnity (P&I) insurance product for achieving this landmark milestone for India’s maritime sector.
While the BMIP mechanism ensures the continuity of maritime war risk insurance coverage, fosters the development of domestic underwriting capacity, and enhances confidence among India’s shipping and trade stakeholders, extending the pool to include P&I coverage would further strengthen India’s maritime risk management framework and improve the resilience of its maritime insurance ecosystem,said Lohiya.
The event was attended by director general of Shipping Shyam Jagannathan, senior officers from Department of Financial Services including additional secretary Debasish Prusty, and CMD, General Insurance Corporation of India Hitesh Joshi, CMD, NIA Girija Subramanian, CMD, Shipping Corporation of India Capt. Binesh Kumar Tyagi, secretary general, General Insurance Council Kasturi Sengupta, senior officers from Indian Coastal Conference Shipping Association(ICCSA), Indian National Shipowners’ Association(INSA) and joint secretary, Ministry of Ports, Shipping and Waterways, Venkatesapathy S.
Since the operationalisation of BMIP by DFS on 12th May, 2026 backed by sovereign guarantee, the pool has demonstrated substantial market acceptance and has successfully met its primary objective of providing uninterrupted war risk insurance capacity to Indian stakeholders.
This initiative is another step towards the country’s commitment to building resilient, domestic insurance capabilities and supports the broader national vision of Atmanirbhar Bharat by fostering self-reliance in specialized insurance solutions, reducing dependence on foreign markets, and ensuring that value generated from India’s maritime trade remains within the domestic economy.
Bloomberg