Nagaland Govt Joins Forces with SBI General Insurance for Comprehensive Statewide Disaster Protection | MorungExpress
Nagaland and SBI General Insurance Partner for Innovative Disaster Resilience Initiative
Mumbai, August 19: The Nagaland State Disaster Management Authority (NSDMA) has taken a significant step toward enhancing disaster resilience by signing a Memorandum of Understanding (MoU) with SBI General Insurance. The collaboration aims to introduce the Nagaland Disaster Risk Transfer Parametric Insurance Solution (DRTPIS), a three-year initiative targeting statewide protection against natural disasters, particularly excess and unseasonal rainfall.
The DRTPIS is poised to revolutionize disaster management strategies in Nagaland, one of India’s most disaster-prone states. This parametric insurance solution promises to expedite recovery efforts post-disaster, lessen the financial strain on the state government, and enable swift response measures. The importance of such an initiative is underscored by the alarming rise in climate-related incidents, which have surged by over 200% from 2018 to 2021, as per the Nagaland Disaster Statistics 2023 report.
Naveen Chandra Jha, Managing Director and CEO of SBI General Insurance, emphasized the crucial role of parametric insurance in disaster management. "Parametric insurance helps in protecting the state by ensuring compensation for losses incurred, thereby facilitating recovery measures," Jha explained.
Nagaland Chief Minister Neiphiu Rio expressed optimism about the partnership, stating, "This product will enable us to establish an effective disaster risk management system, ensuring swift and effective support during times of disaster."
The MoU signing event witnessed the presence of several distinguished officials, including Z Nyusietho Nyuthe, Advisor, NSDMA & NRE; Priya Kumar, EVP & Business Head, SBI General Insurance; and Prashant Kumar Goyal, Joint Secretary of the Department of Financial Services, alongside other key figures from SBI General Insurance and the Nagaland government. Goyal heralded the initiative as a "landmark" in disaster risk mitigation.
This collaborative effort marks a forward leap in disaster resilience for Nagaland, promising enhanced protection and quicker recovery from natural calamities.
Original Story https://www.morungexpress.com/nagaland-govt-partners-with-sbi-general-insurance-for-statewide-disaster-insurance
Category : Nagaland
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