SBI General Insurance has disbursed ₹1.06 crore to the Nagaland State Disaster Management Authority (NSDMA) under its Disaster Risk Transfer Parametric Insurance Solutions (DRTPIS). This marks the first claim settlement under the initiative, aimed at providing swift financial relief based on weather parameters without the need for individual claim processing. The settlement covers excess rainfall during Phase-1 (Monsoon season) under the risk policy period, ensuring rapid financial support to communities affected by the calamity. The initiative follows the Memorandum of Understanding (MoU) signed between SBI General Insurance and NSDMA in August 2024, establishing a three-year partnership with key reinsurers GIC Re, Munich Re, Hannover Re, and SCOR.
Naveen Chandra Jha, MD & CEO of SBI General Insurance, stated, “We are committed to disaster resilience and quick claim settlements. This parametric insurance model ensures financial assistance reaches affected regions without delays, strengthening recovery efforts against natural disasters.”
The formal cheque handover was attended by key officials, including Shri Z. NyusiethoNyuthe, Hon’ble MLA & Advisor, NSDMA & NRE, and other senior representatives from NSDMA and SBI General Insurance.
