India Launches Domestic Marine Insurance Pool for Trade Protection

Strengthening India’s Shipping and Trade Security

India has approved the establishment of the India Maritime Insurance Pool, a sovereign-backed domestic initiative aimed at providing comprehensive marine insurance coverage for Indian shipping and trade.

The initiative is designed to protect Indian maritime and trade interests from geopolitical disruptions and reduce dependence on foreign insurers.

Cabinet Approval and Key Features

The proposal was approved by the Union Cabinet chaired by Prime Minister Narendra Modi.

• The scheme will operate for an initial period of 10 years
• Backed by a government guarantee of ₹12,980 crore
• Ensures reliable and affordable insurance coverage for Indian trade

Objective of the Scheme

The main objective is to ensure uninterrupted insurance support for Indian shipping even during global market disruptions and geopolitical instability.