Workshop on Bharat Maritime Insurance Pool Held

Addressing the gathering, Additional Secretary in the Department of Financial Services, Dr. Debashish Prusty, highlighted the progress achieved since the launch of the Bharat Maritime Insurance Pool.

India's maritime sector took another step towards strengthening its insurance capabilities with a workshop on the recently launched Bharat Maritime Insurance Pool (BMIP) held in Mumbai on Friday. The event, organised at the Shipping Corporation of India auditorium, brought together shipowners, cargo operators, insurers and government officials to discuss the future of maritime risk coverage in the country.

The workshop was jointly organized by the Directorate General of Shipping and the General Insurance Council. Participants explored how the BMIP can support India's growing shipping industry at a time when global trade routes are facing increasing uncertainty due to geopolitical tensions and market volatility. Senior representatives from the Department of Financial Services, Directorate General of Shipping, Shipping Corporation of India, General Insurance Council, GIC Re and leading insurance companies attended the event.

Lower Premiums Offer Relief to Shipowners

Addressing the gathering, Additional Secretary in the Department of Financial Services, Dr Debashish Prusty, highlighted the progress achieved since the launch of the Bharat Maritime Insurance Pool. He noted that shipowners have already benefited from significantly lower insurance costs, with premiums for Hull War Risk policies declining by up to 27 percent and Cargo War Risk policies witnessing reductions of as much as 48 percent. He emphasized that the initiative is helping make maritime insurance more affordable while ensuring uninterrupted coverage for Indian shipping interests.

Dr Prusty also outlined a long-term roadmap for strengthening India's maritime insurance ecosystem. The proposed strategy includes developing a domestic Protection and Indemnity (P&I) insurance product, expanding BMIP coverage to selected ocean-going vessels in coordination with the Ministry of Ports, Shipping and Waterways, and exploring future engagement with international P&I networks through mutually compatible structures. Industry participants discussed the need for India to reduce dependence on foreign insurance providers and build greater self-reliance in covering maritime risks linked to international trade.

Growing Shipping Sector Faces New Global Challenges

Director General of Shipping Shyam Jaganathan highlighted the rapid growth of India's shipping industry over the past decade. According to him, Indian shipping tonnage has grown by 36 percent since 2015, with the country's fleet now comprising around 1,600 vessels. He also pointed to emerging global challenges affecting maritime trade. As of March 2026, traffic through the Strait of Hormuz had reportedly declined by 86 percent due to geopolitical developments, while oil prices had risen by around 10 percent. Such disruptions, he noted, underline the importance of reliable insurance mechanisms that can support shipping operations during periods of uncertainty.

New India Assurance Chairperson and Managing Director Girija Subramanian described the BMIP as an important platform for developing a dependable and internationally credible P&I framework tailored to India's needs. GIC Re officials also highlighted the potential of the insurance pool to strengthen sovereign control over a critical component of the country's trade infrastructure.

The workshop concluded with discussions between marine insurers, shipowners, underwriters and other industry stakeholders on designing P&I insurance products capable of addressing the immediate requirements of Indian shipping companies. With maritime trade playing a vital role in India's economy, officials believe the Bharat Maritime Insurance Pool can become a key instrument in strengthening risk protection, reducing insurance costs and enhancing the resilience of the country's shipping sector.