New Delhi, July 30 (IANS): The Department of Financial Services (DFS) on Thursday launched India's first sovereign-backed Protection and Indemnity (P&I) insurance product under the Bharat Maritime Insurance Pool (BMIP), a move aimed at strengthening the country's maritime risk management framework, reducing dependence on foreign insurers and boosting self-reliance in specialised marine insurance. The insurance cover provides an indemnity limit of up to $1.5 billion through the combined underwriting capacity of the insurance pool. The government said the launch marks a significant milestone for India's maritime sector by expanding the scope of the Bharat Maritime Insurance Pool beyond war-risk coverage to include Protection and Indemnity insurance, thereby strengthening the country's maritime insurance ecosystem. As of July 29, 2026, the pool had issued 1,608 policies covering cargo war-risk and hull war-risk insurance. The government said the addition of P&I coverage would further enhance India's maritime risk management capabilities by broadening domestic underwriting capacity and improving the resilience of the country's marine insurance sector.