Kerala's Comprehensive Insurance Scheme for Disaster-hit Homes

The Kerala Cabinet, led by Chief Minister Pinarayi Vijayan, approves a group insurance plan to shield homes from natural disaster damages. Incorporating parametric and indemnity insurance, the initiative aims to ensure faster financial relief, bolstering financial stability amid increasing adverse weather impacts.

In a decisive move, the Kerala government, under the leadership of Chief Minister Pinarayi Vijayan, has endorsed a sweeping group insurance scheme designed to safeguard homes from the financial ravages of natural disasters.

The newly approved initiative, as unveiled by the CMO, integrates both parametric and indemnity coverage, promising swift compensation without the need for individual damage assessments when disaster indices exceed set thresholds.

Aimed at ameliorating the fiscal strains of repeated disaster-management expenditures, this five-year policy envisions expedited fund deployment for relief and rehabilitation, with damages in affected areas covered up to Rs 10 lakh per household.

(With inputs from agencies.)