India's war-risk insurance pool faces its first real-world test

India's sovereign-backed war risk insurance pool (BMI Pool) is facing its first real-world claim after an attack on a commercial vessel in the Black Sea and a separate incident in the Strait of Hormuz that killed an Indian seaman. The pool, led by GIC Re and New India Assurance with an industry capacity of up to $100 million per risk, is evaluating the claim with surveyors assessing damage and likely payout. Claims above the $100 million threshold will be backed by a government sovereign guarantee of ₹12,980 crore, designed to reduce India's reliance on overseas insurers for war risk cover on Indian-flagged vessels.