For over seven decades India overlooked the strategic risk of foreign insurers underwriting India’s maritime trade. The escalation of the face-off between Israel-US and Iran and the subsequent withdrawal of foreign insurers posed a rude wake-up call for India.
It fast tracked a proposal to create a home-grown insurance pool to underwrite Indian shipping. Indeed, this is a desperate, yet bold bet by India on ring fencing its maritime trade.
The obvious question though is whether it is case of better late than never, or too little, too late?
To answer this and more, StratNewsGlobal.Tech spoke to Balasundaram R, Head, Marine Insurance, Policybazaar for Business
