Union Government approves Rs 12,980 crore sovereign maritime insurance amidst Middle East War
The Union Cabinet has approved the creation of the Bharat Maritime Insurance Pool (BMI) with a sovereign guarantee of Rs 12,980 crores. This insurance pool will help promote uninterrupted maritime insurance coverage to Indian-flagged, India-bound, and India-originating vessels.
This comes amidst the war in the Middle East and the blockade of the Strait of Hormuz that has created a shortage of fuel. As per the government, the pool will help Indian trade access affordable insurance for ships carrying cargo to and from the country, including through high-risk maritime routes.
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