Nagaland Govt partners with SBI General Insurance for statewide disaster insurance

August 20, 2024 29 Views No Comment

Mumbai, August 20 (MExN): The Nagaland State Disaster Management Authority (NSDMA) has entered into a Memorandum of Understanding (MoU) with SBI General Insurance to launch the Nagaland Disaster Risk Transfer Parametric Insurance Solution (DRTPIS). This initiative, which will span three years, is designed to offer statewide protection against natural disasters, specifically focusing on excess and unseasonal rainfall.

A press release informed that the DRTPIS marks a significant advancement in Nagaland’s disaster resilience strategy. By providing a parametric insurance solution, the state aims to expedite recovery efforts in the aftermath of natural calamities, reducing the financial burden on the government and supporting swift post-disaster response measures.

Nagaland, one of India’s most disaster-prone states, has seen a sharp increase in climate-related incidents. According to the Nagaland Disaster Statistics 2023 report, water and climate-related incidents have risen by over 200% from 2018 to 2021.

Naveen Chandra Jha, Managing Director and Chief Executive Officer of SBI General Insurance, highlighted the importance of such measures in light of recent natural disasters across the nation. “Parametric insurance helps in protecting the state by ensuring compensation for losses incurred, thereby facilitating recovery measures,” Jha said.

Nagaland Chief Minister, Neiphiu Rio, expressed optimism about the collaboration, stating, “This product will enable us to establish an effective disaster risk management system, ensuring swift and effective support during times of disaster.”

The MoU signing event was attended by several high-ranking officials, including Prashant Kumar Goyal, Joint Secretary of the Department of Financial Services, and other key figures from SBI General Insurance and the Nagaland government. Goyal described the initiative as a “landmark” in disaster risk mitigation.