India launches $1.5 billion Bharat Maritime Insurance Pool BMIP
NewsBytes | May 15, 2026 8:40 PM CST
BMIP handles claims up to $100 million
Right now, India owns just 1.2% of the world's ships and spends around $90 billion a year on freight, mostly paid to foreign companies.
BMIP's first policy has already been issued and claims up to $100 million will be handled directly by the pool: anything bigger gets government support if needed.
Experts say this is a big step toward making India more self-reliant in shipping insurance, but good management and technical know-how will be key for its long-term success.
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