Background

Name: General Insurance Corporation of India
Address: Suraksha, 170, J. Tata Road, Churchgate, Mumbai, Maharashtra, 400020, IN

The Bharat Maritime Insurance Pool (BMIP) was created as a Government of India led initiative following geopolitical tensions in the Middle East that led to withdrawal or severe restriction of war risk cover and increased dependence concerns on foreign insurance capacity. The Pool was formed to ensure continuity of maritime insurance protection for Indian trade and shipping during periods of geopolitical disruption. The Pool was launched on 12^th May 2026.

Objectives

Ensure uninterrupted marine insurance support for Indian trade and maritime interests, especially during global disruptions.
Develop domestic underwriting capacity for specialized marine risks and reduce dependence on overseas insurance markets.
Provide financial protection for large maritime exposures, including risks in high-risk and war-risk geographies.
Enable timely servicing of large claims through an organized sovereign-backed framework.
Strengthen India’s strategic, economic and maritime resilience.

Pool Capacity and Sovereign Guarantee

The Pool has an aggregate member capacity of INR 927.10 crore (equivalent to USD 100 million). This is the first layer of claim-paying capacity and is contributed by the Pool Members.

In addition, the Pool is backed by a Sovereign Guarantee of up to INR 12,980 crore (equivalent to USD 1.4 billion). This Sovereign Guarantee acts as a Government-backed support mechanism for claims that exceed the Pool Members’ aggregate capacity of USD 100 million, per loss / per event.

Together, the Pool capacity and the Sovereign Guarantee create an overall support framework of USD 1.5 billion, comprising USD 100 million of member capacity and USD 1.4 billion of sovereign-backed support.

Risk Sharing Mechanism and Capacity Structures

Coverage

BMIP supports key marine insurance covers such as cargo war risk, hull and machinery war risk, and protection and indemnity cover (all risks). The applicable policy-level limits include:

Membership, Governance and Operations

BMIP consists of participating general insurance companies and reinsurance companies.

Contact email Id: BMIPool@gicre.in

Background

Due to the withdrawal of international marine cargo insurance capacity for covering imports and exports to/from Russia, Ukraine, and Belarus, there arose a need to create a domestic Marine Cargo Pool to insure shipments related to these Excluded Territories. This withdrawal of capacity stemmed from increased geopolitical risks, sanctions, and instability in these areas, making it difficult for Indian businesses to obtain necessary insurance coverage. Consequently, the Marine Cargo Pool for Excluded Territories (MCET Pool) was formed and commenced operations on 1st June 2022.

Capacity

The Pool currently provides insurance for Indian Insureds for Marine Cargo shipments of commodities to/from the excluded territories of Russia, Ukraine and Belarus.
The marine cargo risks are insured by Direct Domestic General Insurance Companies that are members of the Pool, who issue policies using the Pool's combined underwriting capacity.
These risks are subsequently reinsured by all Pool members, including GIC Re, in proportion to the capacity each member has committed to the Pool.
The Pool incepted on 1^st June 2022, with a total of 21 members, contributing a capacity of INR 484.80 crore per shipment (excluding Obligatory Cession). The Pool’s revised capacity w.e.f. 1^st July 2023 is INR 478.80 crore (Net of Obligatory cession limits), provided by a total of 20 members.
The maximum aggregate limit of liability per loss / per event will be up to Pool capacity.

Contact email Id: mcetpool@gicre.in

The practice of establishing reinsurance pools to cater for the situations where supply of insurance becomes a constraint is well accepted globally. Time and again, the Indian Market has also adopted the practice to overcome capacity challenges imposed by insufficient availability or withdrawal of international reinsurance support.

GIC Re, as the leading Indian Reinsurer, has played a pivotal role in the creation and successful operation of pools for over two decades. GIC Re has been managing Pools in India and provides its support with very significant capacity as a pool member.

GIC Re is currently managing the following domestic reinsurance pools:

Reinsurance Pool Mechanism

Reinsurance Pooling Arrangement - Cession to Pool, Consolidation of Premium, Sharing amongst Pool Members and Retro-insurance Arrangement

Background

Following the enactment of the Civil Liability for Nuclear Damage Act, 2010 (CLND Act), GIC Re, as India’s national reinsurer, initiated the formation of the India Nuclear Insurance Pool (INIP) in collaboration with domestic non-life insurance companies.
The Pool was created to address the limited availability of international insurance capacity for nuclear liability risks and to provide a viable domestic insurance solution in India.
The INIP was launched on 12 June 2015 and currently provides a total capacity of INR 1,500 crore, contributed by GIC Re and 11 Indian non-life insurers, to support India’s civil nuclear program.

Coverage and Risk Transfer Mechanism

INIP enables insurance coverage with respect to Nuclear Risk Third Party Liability in terms of the following aspects:

Insurance Coverage for Nuclear Operators for statutory liabilities under the CLND Act, 2010 (Sections 6 and 8).
Insurance Coverage for Nuclear Suppliers for liability arising from the Operator’s right of recourse under Section 17 of the Act.

Contact email Id: nuclearpool@gicre.in

Background

The Indian Market Terrorism Risk Insurance Pool (IMTRIP) was established in April 2002 as an aftermath of the 9/11 incident in the United States which led to worldwide withdrawal of treaty capacity for Terrorism Insurance. The Pool has till now completed 24 years of successful operations.

Capacity

The Pool is a multilateral reinsurance arrangement wherein risk insured by any Member is reinsured by all other members in agreed proportions.
The conventional fire and property policies exclude coverage for terrorism. The Pooling Arrangement enables members to provide insurance cover against terrorism risk in India on the combined underwriting capacity of all the members.
With effect from 01.04.2025, capacity of ₹2,500 crore per location is being provided for terrorism risk as add-on coverage under property and fire insurance policies.
Twenty-four non-life insurance companies and GIC Re are members of the Pool.

Contact email Id: tpool@gicre.in