In a pioneering advancement for disaster management, Nagaland has partnered with SBI General Insurance to deploy the cutting-edge Nagaland Disaster Risk Transfer Parametric Insurance Solution (DRTPIS). This innovative initiative is set to transform the state’s approach to managing natural calamities, marking a significant leap forward in risk management technology.
The DRTPIS, outlined in a new three-year Memorandum of Understanding (MoU), integrates advanced parametric insurance technology to provide comprehensive coverage against extreme weather events, including excess and unseasonal rainfall. This tech-driven solution promises to expedite recovery processes and mitigate financial impacts from natural disasters, addressing the growing need for rapid and effective disaster response in a region prone to severe weather.
Naveen Chandra Jha, MD & CEO of SBI General Insurance, emphasized the technological edge: “Our parametric insurance solution leverages advanced algorithms to ensure prompt compensation and streamlined recovery.”Nagaland Chief Minister Neiphiu Rio hailed the MoU as a forward-thinking step, enhancing the state’s disaster management framework. The launch, attended by prominent figures including Shri Vyasan R, IAS, and senior SBI General Insurance representatives, underscores a new era of tech-enhanced resilience for Nagaland.
