In response to disruptions in global shipping routes due to the ongoing conflict in West Asia, the Indian government has launched the Bharat Maritime Insurance Pool (BMI Pool) with a sovereign guarantee of ₹12,980 crore. This initiative was announced on April 18, 2023, by Union Information and Broadcasting Minister Ashwini Vaishnaw, who highlighted the need for a domestic insurance solution as international insurers hesitated to cover vessels operating in conflict zones. The BMI Pool will provide comprehensive insurance coverage for Indian-flagged or controlled vessels and any ships carrying cargo to or from India, ensuring that trade remains uninterrupted even when navigating through volatile maritime corridors. The pool will cover a range of maritime risks, including hull and machinery, cargo, protection and indemnity (P&I), and war risks, with a combined underwriting capacity of ₹950 crore. A Governing Body will be established to oversee the pool's operations, focusing on building local expertise and reducing reliance on foreign insurance providers. This move is seen as a step towards enhancing India's self-reliance and resilience against geopolitical tensions.