Nagaland has forged a transformative partnership with SBI General Insurance to enhance its disaster resilience through the launch of the Nagaland Disaster Risk Transfer Parametric Insurance Solution (DRTPIS). This innovative MoU, effective for three years, aims to safeguard the state against natural catastrophes such as excess and unseasonal rainfall.
The DRTPIS represents a significant leap forward in risk management, offering a parametric insurance solution designed to expedite recovery and mitigate financial impacts from natural disasters. This move is timely, given the alarming 200% increase in water and climate-related incidents in Nagaland from 2018 to 2021.Naveen Chandra Jha, MD & CEO of SBI General Insurance, highlighted the strategic value of the initiative: “This parametric insurance solution is crucial for effective disaster response. It ensures prompt compensation and supports recovery efforts.”
Chief Minister Neiphiu Rio described the MoU as a landmark achievement, underscoring its role in strengthening Nagaland’s disaster management framework. The agreement was celebrated at a high-profile event with senior officials, including Shri Vyasan R, IAS, and key figures from SBI General Insurance, marking a new era in disaster risk management for the state.
