India’s cabinet clears Rs 12,980 crore Bharat Maritime Insurance Pool amid Strait of Hormuz tensions

On 2026-04-18, India’s Union Cabinet approved the Bharat Maritime Insurance Pool with a sovereign guarantee of Rs 12,980 crore. The facility is designed to provide war-risk maritime insurance and keep cargo coverage available for ships moving through volatile routes such as the Strait of Hormuz. According to the report, the measure aims to support continuous and affordable insurance for Indian trade.