Government Schemes and Policy · 14 May 2026

Bharat Maritime Insurance Pool: USD 1.5 Billion Capacity

Exam-focused facts from the 14 May 2026 current affairs briefing.

Key facts

  • The Department of Financial Services (DFS) under the Ministry of Finance launched the Bharat Maritime Insurance Pool (BMIP).
  • The BMIP has a total capacity of USD 1.5 billion and a sovereign guarantee of USD 1.4 billion (₹12,980 crore).
  • The General Insurance Corporation of India (GIC Re) will act as the pool administrator.
  • The pool covers hull and machinery, cargo, protection and indemnity (P&I), and war risks for Indian-flagged or India-linked vessels.
  • Claims up to USD 100 million will be met through pooled capacity, while higher claims will be backed by the sovereign guarantee after exhausting reserves and reinsurance arrangements.

View this story in the full daily briefing

Earlier coverage selected by topic similarity to help connect developments over time.

National Maritime Day observed on April 5

National Maritime Day is observed in India on April 5 to commemorate the historic voyage of the country's first modern merchant ship. India possesses a coastline stretching over 7,500 kilometres and handles approximately…