Insurance pool of Rs 13,000 crore for Indian ships

AI Summary

The Indian government unveiled a $1.5 billion Bharat Maritime Insurance Pool designed to provide financial protection for Indian ships operating on international routes, including conflict zones. This initiative aims to make shipping insurance more affordable amidst escalating risks.

The Indian government has launched a $1.5 billion Bharat Maritime Insurance Pool, backed by a $1.4 billion sovereign guarantee, to offer risk cover for Indian vessels on international routes, including war zones. This initiative aims to reduce shipping insurance premiums and guarantee coverage even when global insurers withdraw due to rising risks.