Q1. Consider the following statements regarding the underwriting and funding architecture of the Bharat Maritime Insurance Pool: 1. The combined underwriting capacity of the Pool is approximately ₹4,500 crore. 2. GIC Re contributes ₹400 crore and public sector insurers contribute ₹280 crore to the Pool. Which of the statements given above is/are correct?
Explanation
Statement 1 is incorrect — the combined underwriting capacity of the Pool is approximately ₹950 crore, not ₹4,500 crore. Statement 2 is correct — GIC Re contributes ₹400 crore as Pool administrator and public sector insurers contribute ₹280 crore, with the remainder coming from private insurers and oil marketing companies.
