New Delhi -  An inter-ministerial consultation process has been ongoing this year to create the marine insurance entity, with industry representatives’ participation.

Centre is now considering establishing its own funds as preliminary investment for launching shipping insurance entity, as there is delay in creating a protection and indemnity (P&I) entity to insure cargo vessels. This approach would involve private insurers and shippers contributing at a secondary stage.

More than a year after Union Finance Minister Nirmala Sitharaman’s unexpected announcement calling for a P&I entity, the lack of regulatory . . .