Nagaland has taken a transformative step towards safeguarding its communities with a new partnership between the Nagaland State Disaster Management Authority (NSDMA) and SBI General Insurance. The recently signed Memorandum of Understanding (MoU) introduces the Nagaland Disaster Risk Transfer Parametric Insurance Solution (DRTPIS), a groundbreaking initiative poised to make a significant difference in the lives of residents across the state.
This innovative parametric insurance solution is more than just a financial tool—it’s a lifeline for families vulnerable to natural calamities. By covering excess and unseasonal rainfall, the DRTPIS aims to speed up recovery and provide crucial support when disaster strikes. This initiative is a response to the alarming increase in water and climate-related incidents, which have surged by over 200% in recent years.
Naveen Chandra Jha, MD & CEO of SBI General Insurance, underscored the human impact: “Our solution is designed to bring relief and support to those who need it most during times of crisis.”Chief Minister Neiphiu Rio celebrated the MoU as a milestone in community support, emphasizing its role in enhancing disaster resilience. The launch event, attended by key officials including Shri Vyasan R, IAS, and SBI General Insurance leaders, highlighted a shared commitment to protecting and uplifting Nagaland’s most vulnerable populations.