In a strategic move to bolster disaster resilience, the Nagaland State Disaster Management Authority (NSDMA) has entered into a three-year agreement with SBI General Insurance to implement the Nagaland Disaster Risk Transfer Parametric Insurance Solution (DRTPIS). This pioneering initiative is set to protect the entire state from natural catastrophes, including excessive and unseasonal rainfall.
The DRTPIS represents a major advancement in disaster risk management by providing a parametric insurance solution that ensures rapid recovery and mitigates financial impacts from natural calamities. This approach aims to address the increasing frequency of extreme weather events, which have led to a 200% rise in water and climate-related incidents in Nagaland between 2018 and 2021.
SBI General Insurance’s MD & CEO, Naveen Chandra Jha, emphasized, “Parametric insurance is a game-changer for disaster management. This partnership will facilitate swift recovery and financial support during disasters.”Nagaland Chief Minister Neiphiu Rio hailed the MoU as a landmark initiative, enhancing the state’s disaster management capabilities. The event was attended by senior officials, including Shri Vyasan R, IAS, and representatives from SBI General Insurance, showcasing a unified effort to strengthen disaster resilience in the region.
