DFS launches India's first sovereign-backed Protection & Indemnity insurance under Bharat Maritime Insurance Pool
On 30 July 2026 the Department of Financial Services launched India's first sovereign-backed Protection & Indemnity (P&I) insurance product under the Bharat Maritime Insurance Pool, designed by New India Assurance.
Summary
The Department of Financial Services (Ministry of Finance) launched India's first sovereign-backed Protection & Indemnity (P&I) insurance product under the Bharat Maritime Insurance Pool (BMIP), designed by New India Assurance Company Limited. The Ministry said war-risk premium rates have fallen by about 35â40% from the peak of the West Asia conflict after BMIP was introduced, and 1,608 policies covering cargo and hull war risks had been issued under the pool as of 29 July 2026.
Key facts
- Product
- Protection & Indemnity (P&I) insurance â first sovereign-backed in India
- Pool
- Bharat Maritime Insurance Pool (BMIP)
- Designed by
- New India Assurance Company Limited
- Launched by
- Department of Financial Services, Ministry of Finance
- Impact
- War-risk premiums down about 35â40%
- Policies
- 1,608 cargo and hull war-risk policies (as of 29 July 2026)
Practice MCQs 2 questions
India's first sovereign-backed Protection & Indemnity (P&I) insurance product, launched in July 2026, was designed by which company?
Show answer
Correct answer: D â New India Assurance Company Limited
The P&I product under the Bharat Maritime Insurance Pool was designed by New India Assurance Company Limited.
The Protection & Indemnity insurance product launched in July 2026 falls under which pool?
Show answer
Correct answer: A â Bharat Maritime Insurance Pool
DFS launched the P&I product under the Bharat Maritime Insurance Pool (BMIP).