Why in the News
The Department of Financial Services under the Ministry of Finance launched the Bharat Maritime Insurance Pool (BMIP) worth USD 1.5 billion amid rising geopolitical tensions in West Asia.
About Bharat Maritime Insurance Pool (BMIP)
- BMIP is a domestic maritime insurance pool created to ensure uninterrupted maritime insurance coverage for Indian shipping and trade operations.
- Total Size: USD 1.5 billion
- Sovereign Guarantee: USD 1.4 billion
- Approximately ₹12,980 crore
Objective
- Ensure continuity of maritime trade during geopolitical crises.
- Reduce dependence on foreign insurers and reinsurers.
- Strengthen India’s financial and maritime sovereignty.
- Protect Indian vessels operating in high-risk war zones.
Beneficiaries
- Coverage applies to:
- Indian-flagged vessels
- Indian-controlled vessels
- Ships destined to or originating from India
| [2024] Consider the following statements: Statement-I Sumed pipeline is a strategic route for Persian Gulf oil and Natural gas shipments to Europe. Statement-II: Sumed pipeline connects the Red Sea with the Mediterranean Sea. Which one of the following is correct in respect of the above statements? [A] Both Statement-I and Statement-II are correct and Statement-II explains Statement-I [B] Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-I [C] Statement-I is correct, but Statement-II is incorrect [D] Statement-I is incorrect, but Statement-II is correct |
