SBI General Insurance has disbursed ₹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 settlement under the initiative, aimed at providing swift financial relief based on weather parameters without requiring individual claim processing.
The settlement covers excess rainfall during Phase-1 (Monsoon season) under the risk policy period, ensuring timely financial assistance. The initiative follows the Memorandum of Understanding (MoU) signed between SBI General Insurance and NSDMA in August 2024, establishing a three-year partnership with key reinsurers—GIC Re, Munich Re, Hannover Re, and SCOR.
Naveen Chandra Jha, MD & CEO of SBI General Insurance, stated, “Our parametric insurance model ensures quick financial aid to affected communities, reinforcing resilience against climate-related disasters.” The cheque was handed over in the presence of key officials from NSDMA and SBI General Insurance.
