Officials of SBI General Insurance and NSDMA during the
cheque handover.
- DIMAPUR — SBI General Insurance has reaffirmed
its commitment to disaster resilience by facilitating the first claim
settlement of INR 1.06 crore to the Nagaland State Disaster Management
Authority (NSDMA) under its Disaster Risk Transfer Parametric Insurance
Solutions (DRTPIS).
- A press release on Saturday stated that the initiative
follows the Memorandum of Understanding between SBI General Insurance Company
Ltd and NSDMA in August 2024, establishing a 3-year partnership.
- DRTPIS enables claim settlement based on weather data
parameters, without the need for individual intimation for claim processing.
- “The settlement covers excess rainfall during phase-1
(monsoon season) under the risk policy period, ensuring swift financial
assistance to mitigate the impact of natural calamities. The DRTPIS framework
is designed to enable rapid disbursement of funds, aiding communities in their
recovery efforts.
- “This collaboration with NSDMA highlights the effectiveness
of parametric insurance models in disaster management, providing a scalable and
efficient mechanism for risk transfer and financial protection against
climate-related events. The funds will be further distributed to communities
affected by rainfall,” the statement read.
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- This parametric insurance solution represents a significant
advancement in Nagaland's disaster mitigation and resilience strategy, it
stated, adding that the innovative product is designed to facilitate rapid recovery
in the event of natural disasters, providing timely and effective relief to
those affected.
