In a move set to profoundly impact local communities, Nagaland has partnered with SBI General Insurance to introduce the Nagaland Disaster Risk Transfer Parametric Insurance Solution (DRTPIS). This groundbreaking initiative, formalized through a three-year Memorandum of Understanding (MoU), is designed to protect and uplift the lives of Nagaland’s residents by addressing the challenges of natural disasters.
The DRTPIS offers a new form of security against the devastating effects of excess and unseasonal rainfall. By providing parametric insurance coverage, it aims to speed up recovery and lessen the financial strain on families and communities affected by natural calamities. This initiative is especially significant in light of the recent surge in water and climate-related incidents, which have increased by over 200% in Nagaland from 2018 to 2021.
Naveen Chandra Jha, MD & CEO of SBI General Insurance, highlighted the human touch of this technological advancement: “Our solution is designed not just for financial relief but to support community resilience and recovery.”Nagaland Chief Minister Neiphiu Rio praised the MoU as a milestone for community welfare, emphasizing its role in fostering a stronger, more resilient state. The launch event, attended by key officials including Shri Vyasan R, IAS, and SBI General Insurance leaders, marked a heartfelt commitment to protecting and empowering Nagaland’s communities.
