General Insurance Corporation of India (GIC Re) on Wednesday said it has been appointed by the Government of India as the Manager of the $1.4 billion Bharat Maritime Insurance Pool (BMIP).
This sovereign-backed maritime insurance pool, launched by the Union Cabinet last month, will safeguard Indian-flagged vessels, India-controlled ships, and India-bound cargo navigating volatile maritime corridors, per a GIC Re statement.
With nearly 95 per cent of India’s trade by value moving through maritime corridors, BMIP is expected to lower insurance costs for Indian shipowners significantly and reduce forex outflows to overseas insurance hubs, it added.
Under the framework, GIC Re will operationalise dedicated solutions, including war risks in high-risk zones, for cargo, hull & machinery, and all risks for protection & indemnity (P&I) for Indian shipowners. Together, these will deliver coverage of up to $1.5 billion per loss.
BMIP will commence operations with an initial underwriting capacity of ₹927.10 crore, with GIC Re contributing ₹400 crore and the balance subscribed by public and private sector insurers.
sovereign guarantee
Beyond this pool capacity, the Government of India has provided a sovereign guarantee as a backstop of $1.4 billion. The pool with sovereign guarantee has been set up for an initial period of 10 years, extendable by another five.
Hitesh Rameshchandra Joshi, Executive Director – Additional Charge of Chairman-cum-Managing Director, GIC Re, said: “The Bharat Maritime Insurance Pool is a defining moment for India’s insurance and maritime sectors. As its Manager, GIC Re is privileged to operationalise a sovereign-backed framework that secures Indian vessels and cargo against geopolitical uncertainty and global market volatility.”
He emphasised that the pool reflects the collective strength of the Indian general insurance industry and the government’s strategic vision, which together reinforce the country’s strategic autonomy in protecting its trade lifelines and its aspirations in the face of emerging world order.
Published on May 13, 2026