Department of Financial Services (DFS) launches USD 1.5 billion Bharat Maritime Insurance Pool (BMIP)

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) with a total capacity of USD 1.5 billion.
The BMIP is supported by a sovereign guarantee of USD 1.4 billion, equivalent to ₹12,980 crore, to provide maritime insurance amid global geopolitical tensions.
The General Insurance Corporation of India (GIC Re) will function as the pool administrator, overseen by a newly constituted governing body and underwriting committee.
The pool provides coverage for hull and machinery, cargo, protection and indemnity (P&I), and war risks for Indian-flagged or India-linked vessels.
Under the pool structure, claims up to USD 100 million will be met through pooled capacity, while higher claims will be backed by the sovereign guarantee.