India Launches Sovereign-Backed P&I Maritime Insurance

India’s Department of Financial Services launched the first sovereign-backed Protection and Indemnity (P&I) insurance product under the Bharat Maritime Insurance Pool (BMIP).

The new P&I policy, issued by The New India Assurance Company, covers third‑party liabilities such as crew, cargo, pollution, and wreck removal, with up to $1.5 billion indemnity.

BMIP, established in May 2026, already issued 1,608 war‑risk policies and has cut war‑risk premiums by 35‑40 % during the West Asia conflict.

The launch expands BMIP beyond war‑risk to include P&I, strengthening India’s maritime insurance ecosystem and reducing reliance on foreign insurers.

The initiative aligns with India’s “Atmanirbhar Bharat” vision, boosting domestic underwriting capacity and keeping maritime trade value within the country.