New Delhi, May 12 (IANS) In a move aimed at safeguarding India’s maritime trade and shipping operations amid escalating tensions in the Middle East, the Department of Financial Services (DFS), Ministry of Finance, on Tuesday launched the ‘Bharat Maritime Insurance Pool’ (BMIP) with a total underwriting capacity of $1.5 billion and a sovereign guarantee support of $1.4 billion (around Rs 12,980 crore).The initiative is designed to ensure uninterrupted maritime insurance coverage for Indian-…
Latest Bharat Maritime Insurance Pool News & Updates
New Delhi, April 18 (IANS) Defence Minister Rajnath Singh on Saturday chaired the fourth meeting of the Informal Group of Ministers (IGoM), reviewing the situation in West Asia and assessing India’s preparedness amid ongoing geopolitical uncertainties.Describing the situation in West Asia as “uncertain and volatile”, the minister emphasised the need for India to remain prepared not only for de-escalation but also for any renewed escalation.He also said the government, under Prime Minister Narend…
New Delhi, April 18 (IANS) Amid the West Asia crisis and geo-political tensions, the Union Cabinet, chaired by Prime Minister Narendra Modi, on Saturday approved the proposal for creation of a domestic insurance pool with a sovereign guarantee of Rs 12,980 crore, to facilitate continuous maritime insurance coverages for Indian flagged or controlled vessels or vessels destined to or starting from India.The pool, called ‘Bharat Maritime Insurance Pool’ (BMI pool), ensures that Indian trade con…