Nagaland processed first claim under Disaster Risk Transfer Parametric Insurance Solution
Nagaland has successfully processed its first claim under the Disaster Risk Transfer Parametric Insurance Solution (DRTPS).
- DIMAPUR — In a
historic move, Nagaland has successfully processed its first claim under the
Disaster Risk Transfer Parametric Insurance Solution (DRTPS).
- On Friday, NSDMA marked a significant milestone with the
settlement of the Cover 1 Claim (Monsoon Period) under the DRTPS for 2024-2025.
The parametric disaster insurance system stands as a testament to the
collective strength of commitment to disaster preparedness and resilience.
- It may be mentioned here that NSDMA under the Home
Department had signed a multitier DRTPS agreement with SBI General Insurance in
2024, introducing an innovative risk transfer solution to enhance disaster
resilience in the state.
- The ceremony was attended by the Advisor of NSDMA and NRE, Z
Nyusietho Nyuthe, as the special guest in the presence of the commissioner and
secretary, officers and staff of NSDMA, and representatives from SBI General
Insurance namely Piyush Kumar Singh, Sandeep Mukherjee, Subhankar Mazumder and
Luntsuba.
- In his keynote address, the advisor thanked the leadership
of the chief minister and chairman of NSDMA for his far sighted and
future-looking project that has been implemented under his par excellence
leadership. He also stated that amid the increase in climate variabilities, a
Parametric Disaster Risk Insurance Solution is one of the parts to achieve
sustainable development.
- An update from NSDMA stated that DRTPS of Nagaland has
positively impacted the risk financing mechanism in India with a special
provision that would be incorporated in the 16th Finance Commission.
- “The claim settlement of Cover 1 under the DRTPS is a golden
letter day in the Parametric Insurance history. This innovative Nagaland
Disaster Risk Transfer Parametric Insurance Solution will be referred to by
many scholars in the field of Insurance in the days to come,” Nyuthe said.
- It mentioned that the settlement of the Cover 1 Claim
amounts to INR one crore six lakh and fifty thousand, which would be disbursed
to the beneficiaries affected by the monsoon 2024 through the Decentralised
Relief Payment System (DRTPS) a digital payment gateway developed by NSDMA
directly to the accounts of the beneficiaries.
