Pratik Bijlani – There was a sense of purpose in the air as maritime leaders, insurers, shipowners, policymakers and industry experts gathered at the Shipping Corporation of India Auditorium in Mumbai on June 5. The occasion was a Workshop on the Bharat Maritime Insurance Pool (BMIP), but the discussions quickly revealed that the initiative is about far more than insurance. At its core, it represents India’s growing determination to build a self-reliant maritime ecosystem capable of supporting the nation’s expanding role in global trade.
The workshop opened with Rear Admiral Jaswinder Singh, Director (L&PS) at SCI, welcoming delegates and setting the tone for the day. He described BMIP as a landmark initiative that would strengthen India’s maritime services ecosystem while reducing dependence on foreign insurance markets during an era of geopolitical uncertainty and supply chain disruption.
As the discussions progressed, Mr Shyam Jagannathan, Director General of Shipping, drew attention to the strategic importance of India’s shipping fleet. While Indian tonnage accounts for only a small share of global shipping, he reminded participants that its significance extends far beyond numbers. “India’s shipping fleet may represent a small share of global tonnage, but it is a strategic national asset. The Bharat Maritime Insurance Pool is about ensuring self-reliance, resilience and dependable risk coverage for our maritime sector, strengthening energy security, trade continuity and India’s emergence as a leading maritime nation.” he said.
The theme of self-reliance continued through the address of Dr Debasish Prusty, Additional Secretary at DFS. Highlighting the speed with which BMIP had been launched, he noted that the pool had already issued 85 policies within weeks of becoming operational. Looking ahead, he outlined a roadmap for developing indigenous Protection and Indemnity (P&I) capabilities. “BMIP is not just an insurance mechanism; it is a strategic step towards India’s maritime self-reliance, resilience, and sovereign control over trade. By building domestic capacity and reducing dependence on foreign players, we are laying the foundation for a stronger, globally competitive maritime ecosystem.” he said.
The conversation then shifted from policy to practice. Ms Girija Subramanian, CMD of New India Assurance, explained the complexities of maritime liability insurance and highlighted the need for strong claims support, legal expertise, surveying capabilities and emergency response networks if India is to establish a credible domestic P&I framework. Echoing this perspective, Mr Hitesh Joshi of GIC Re stressed that collaboration between government, insurers, reinsurers and maritime operators would be essential to ensure trade continuity and economic resilience.
Offering insight into the mechanics of the new pool, Mr. Sanjay Mokashi explained how BMIP was designed as a sovereign-backed solution to address escalating insurance costs and geopolitical risks. The early issuance of 85 policies, he noted, demonstrated strong market confidence in the initiative.
The workshop also provided a platform for industry voices. Capt. Harinder Singh outlined the Directorate General of Shipping’s efforts to create an internationally recognised Indian P&I framework, while Capt. Rakesh Singh spoke from a shipowner’s perspective, emphasizing that service quality, claims handling and comprehensive coverage would ultimately determine success. Mr. Anil Devli reinforced this point, noting that any domestic solution would need to match global standards in pricing, support and operational capability.
Further contributions came from Ms. Rema Devi V., who highlighted the insurance sector’s readiness to build indigenous capabilities, and Mr. Aditya Mehendale, who presented findings from a feasibility study proposing a phased pathway towards a globally credible Indian P&I insurer. Closing the technical discussions, Mr. Amitava (Raja) Majumdar reminded delegates that trust in maritime insurance is built not through theory, but through real-world responsiveness, global correspondent networks and the ability to support shipowners wherever they operate.
By the time Capt. S.I. Abul Kalam Azad delivered the vote of thanks, a clear message had emerged. BMIP is not merely an insurance pool created to address a temporary challenge. It is the beginning of a larger journey—one that seeks to give India greater control over its maritime destiny, strengthen the resilience of its shipping sector, and create the foundations of a world-class maritime insurance ecosystem aligned with the nation’s long-term vision.
Marex Media