Nagaland Leads with First-of-Its-Kind Disaster Risk Management Insurance Solution

Nagaland, led by Chief Minister Neiphiu Rio, has partnered with SBI General Insurance to implement the Disaster Risk Transfer Parametric Insurance Solution (DRTPS). This initiative aims to protect the state's critical infrastructure and reduce economic losses due to disasters. The MoU, effective immediately, will span three years.

Nagaland, under the leadership of Chief Minister Neiphiu Rio, has become the first state in India to introduce a disaster risk management insurance solution. An MoU was signed with SBI General Insurance to implement the Disaster Risk Transfer Parametric Insurance Solution (DRTPS), aimed at safeguarding the state's critical infrastructure and minimizing economic losses.

The agreement, effective immediately and set to last three years, was formalized at the Chief Minister's Office between officials from SBI General Insurance and the Nagaland State Disaster Management Authority (NSDMA). The insurance scheme covers the entire state and the government will bear the premium costs, ensuring protection from 2024 to 2027.

CM Rio emphasized the importance of smooth implementation and community involvement to insure citizens against disasters like floods, droughts, and mudslides. He assured that mechanisms would be in place to ease the state's premium payment burden. The DRTPS aims to foster financially resilient and safe livelihoods while establishing an efficient disaster risk management system across Nagaland.