Nagaland 1st state in country to sign MoU on disaster risk management

PTI / Updated: Aug 3, 2024, 09:24 IST

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Nagaland became the first Indian state to adopt the Disaster Risk Transfer Parametric Insurance Solution (DRTPS) after signing an MoU with SBI General Insurance. This agreement, effective for three years, aims to protect critical infrastructure and reduce economic losses resulting from extreme weather events.

Nagaland 1st state in country to sign MoU on disaster risk management

Neiphiu Rio

KOHIMA: CM Neiphiu Rio said his govt and SBI General Insurance inked an MoU on Friday for DRTPS, making Nagaland the first state in the country to implement a disaster risk management insurance solution.
Disaster Risk Transfer Parametric Insurance Solution (DRTPS) will aid in protecting the state’s critical infrastructure and reduce economic losses due to a disaster, the CM said.
The MoU was signed for a period of three years with immediate effect.
The MoU was signed between the officials of SBI General Insurance and the Nagaland State Disaster Management Authority (NSDMA) at the CMO here.

The insurance covers the entire Nagaland, the CM said, adding that the government will pay the insurance premium and if a disaster happens, the insurer will come to the rescue for three years from 2024-2027.
DRTPS is especially relevant in the context of an increase in extreme weather occurrences caused by climatic change, the NSDMA said. The vision of the scheme is to provide financially resilient and safe livelihoods for sustainable development, it said.

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