The New India Assurance Co. Ltd (NIA) has established the Bharat Maritime Insurance (BMI) Pool and the Bharat Marine Pool (BMP) to provide war-risk insurance cover for Indian shipping, while sharpening its focus on the retail and MSME segments as the next phase of growth.
The maritime insurance mechanism will protect Indian trade from geopolitical disruptions, even as it accelerates digital transformation, expands its rural presence and strengthens its workforce.
Maritime insurance initiative
The BMI Pool, managed by GIC Re and backed by a ₹12,980 crore sovereign guarantee, provides insurance protection for Indian-flagged and foreign vessels carrying Indian cargo through high-risk routes such as the Red Sea and the Persian Gulf.
The mechanism offers underwriting capacity of around ₹100 crore for war and conflict-related risks, helping insulate Indian trade from global market volatility and foreign sanctions.
GO Retail mission
NIA’s business directive for FY27 is centred on the “GO Retail” mission, while retaining its leadership in large corporate risk underwriting.
“Our focus going forward is clear – grow retail, grow profitably and reach every corner of India,” said Chairman-cum-Managing Director Girija Subramanian in a letter to shareholders.
The company is expanding its presence in rural markets and Tier-II and Tier-III towns while strengthening its agency network to improve insurance penetration.
Digital and product strategy
NIA is introducing simple insurance products across home protection, health insurance and parametric covers to improve customer access.
The insurer is also digitising the entire customer journey, from policy purchase to claims settlement, to make services faster, simpler and more transparent while improving underwriting quality and lowering costs.
Investing in people
The company has launched a comprehensive reskilling programme covering digital underwriting, artificial intelligence, machine learning, customer experience and emerging risk assessment.
It has also undertaken a recruitment drive to bring in specialists in actuarial science, information technology, risk management and healthcare to strengthen its capabilities for future growth.
Company background
The New India Assurance Company is India’s largest public sector general insurance company, offering health, motor, property, marine, crop and commercial insurance products in India and overseas markets.