EconomyTuesday, 21 April 2026·The Hindu
Cabinet approves Bharat Maritime Insurance Pool with sovereign guarantee of ₹12,980 crore
The Union Cabinet approved the Bharat Maritime Insurance Pool on April 18, 2026, to provide domestic maritime insurance support with a ₹12,980 crore sovereign guarantee.
Key highlights
Direct fact
On April 18, 2026, the Union Cabinet approved the Bharat Maritime Insurance Pool with a sovereign guarantee of ₹12,980 crore to create a domestic alternative to foreign underwriters.
Key specifics
- The pool covers Hull and Machinery, Cargo, and War Risk.
- It also provides Protection and Indemnity for third-party liabilities.
- The scheme protects Indian-flagged and Indian-controlled vessels in conflict zones.
- It is aligned with Maritime India Vision 2030.
- India’s maritime sector handles 95% of trade by value and 70% by volume.
Exam lens
Question type: economy, maritime policy, and strategic insurance. TNPSC may ask the guarantee amount, the coverage heads, and the ministry responsible for the pool.