The Nagaland State Disaster Management Authority (NSDMA) has signed a Memorandum of Understanding (MoU) with SBI General Insurance. This three-year collaboration aims to implement the Nagaland Disaster Risk Transfer Parametric Insurance Solution (DRTPIS), a pioneering initiative designed to safeguard the state against natural catastrophes.
The DRTPIS, tailored specifically for Nagaland, will cover the financial impacts of extreme weather events such as excess and unseasonal rainfall. By providing a parametric insurance solution, the MoU aims to facilitate rapid recovery and mitigate financial losses associated with natural calamities. Naveen Chandra Jha, Managing Director and CEO of SBI General Insurance, highlighted the importance of this initiative: “Parametric insurance is a crucial tool for managing the risks posed by natural disasters. This partnership will enhance Nagaland’s disaster response capabilities and support swift recovery efforts.”
Nagaland Chief Minister Neiphiu Rio praised the agreement as a historic first for the state, emphasizing its role in establishing a robust disaster management framework. “We are thrilled to collaborate with SBI General Insurance to introduce this innovative insurance solution, which will significantly strengthen our disaster preparedness and response.”
