SBI General Insurance has successfully processed a claim settlement of ₹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 disbursal under the initiative, reaffirming SBI General’s commitment to disaster resilience by ensuring swift financial assistance based on weather parameters, eliminating the need for individual claim filings.
The claim covers excess rainfall during Phase-1 (Monsoon season) under the risk policy period, facilitating rapid relief to affected communities. This initiative is part of a three-year partnership between SBI General Insurance and NSDMA, formalized through anMoU in August 2024. The collaboration is supported by leading reinsurers GIC Re, Munich Re, Hannover Re, and SCOR, ensuring a robust risk management framework.
Speaking on the development, Naveen Chandra Jha, MD & CEO of SBI General Insurance, stated, “Our parametric insurance model ensures timely financial support, strengthening resilience against climate-related disasters. This settlement reflects our dedication to swift and efficient claims processing.”
