Nagaland has teamed up with SBI General Insurance to introduce the Nagaland Disaster Risk Transfer Parametric Insurance Solution (DRTPIS). This groundbreaking partnership promises to bring a new sense of security to residents across the state, providing a safety net against the devastating impacts of natural disasters.
The DRTPIS, set to roll out over the next three years, is more than just a financial tool—it’s a lifeline. Designed to cover the effects of excess and unseasonal rainfall, this parametric insurance aims to ensure that recovery is swift and support is timely when disaster strikes. This initiative comes in response to a troubling rise in water and climate-related incidents, which have surged by over 200% in recent years.
Naveen Chandra Jha, MD & CEO of SBI General Insurance, shared a hopeful vision: “This insurance solution will make a tangible difference in people’s lives by providing crucial support during crises.”Chief Minister Neiphiu Rio celebrated the MoU as a transformative step, emphasizing its role in enhancing community resilience. The launch event, attended by key figures including Shri Vyasan R, IAS, and SBI General Insurance representatives, was a testament to a shared commitment to protecting and uplifting the lives of Nagaland’s residents.
