Kohima, Aug 19: In a significant move to enhance disaster resilience, the Nagaland State Disaster Management Authority (NSDMA) has signed a Memorandum of Understanding (MoU) with SBI General Insurance to implement the Nagaland Disaster Risk Transfer Parametric Insurance Solution (DRTPIS).

This pioneering initiative, spanning three years, aims to provide financial protection to the state against natural calamities, facilitating faster recovery and mitigating financial impacts. The parametric insurance solution covers excess rainfall during and outside the season, addressing the state’s vulnerability to geographical, hydrological, and climatological hazards.

Nagaland Chief Minister Neiphiu Rio hailed the collaboration as a “first-of-its-kind initiative” enabling an effective disaster risk management system. SBI General Insurance CEO Naveen Chandra Jha emphasized the importance of alternate risk transfer mechanisms in the face of devastating natural calamities. The partnership marks a significant leap forward in disaster risk mitigation and resilience, setting a precedent for other Indian states.