-
News: The Union Cabinet has approved on 18th April 2026 the creation of a domestic maritime insurance pool with a sovereign guarantee of Rs 12,980 crore.
-
The policies will be issued by insurers that are Pool members, using the combined underwriting capacity of the Pool, which would be around Rs.950 crore.
-
Aim:
-
Insulating India’s maritime trade from global volatility.
-
The move is expected to significantly reduce dependence on foreign underwriters and ensure uninterrupted risk coverage for Indian shipping.
-
Coverage
-
The pool will extend insurance protection to Indian-flagged and Indian-controlled vessels carrying cargo between international ports and India in both directions.
-
It will cover the physical structure of ships under hull and machinery insurance, protect goods in transit through cargo insurance, and address third-party liabilities such as crew injury and environmental damage under protection and indemnity (P&I) coverage.
-
In addition, it will provide war risk insurance for vessels operating in conflict zones and high-risk maritime corridors, ensuring Indian shipping remains operational even in volatile regions.