Nagaland has partnered with SBI General Insurance to roll out the innovative Nagaland Disaster Risk Transfer Parametric Insurance Solution (DRTPIS). This groundbreaking initiative, formalized through a three-year Memorandum of Understanding (MoU), is set to revolutionize how the state manages and mitigates natural disaster risks.
The DRTPIS is designed to provide parametric insurance coverage specifically tailored for Nagaland’s unique challenges, including excess and unseasonal rainfall. This solution aims to accelerate recovery and alleviate the financial burden of natural calamities, addressing the urgent need for effective disaster management in a region frequently battered by extreme weather.
The rise in water and climate-related incidents in Nagaland—more than 200% between 2018 and 2021—highlights the critical nature of this initiative. SBI General Insurance’s MD & CEO, Naveen Chandra Jha, emphasized the impact: “Our parametric insurance solution will transform disaster recovery, offering timely support and financial relief.”Chief Minister Neiphiu Rio lauded the MoU as a historic move, enhancing Nagaland’s disaster resilience. The launch event, featuring prominent officials including Shri Vyasan R, IAS, and senior SBI General Insurance representatives, marked the beginning of a new era in disaster risk management for the state.
