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Nagaland’s DRTPS Initiative

Kumari Sonali

Nagaland’s DRTPS Initiative:

Nagaland became the first state in India to adopt a Disaster Risk Transfer Parametric Insurance Solution (DRTPS) by signing an MoU with SBI General Insurance.

  • The insurance aims to protect critical infrastructure and reduce economic losses from extreme weather events over a three-year period (2024-2027).
  • Parametric insurance provides a predefined payout when specific events, like natural disasters, occur, ensuring quick financial support and enhancing the state’s resilience.
  • The significance of this initiative lies in its ability to enhance Nagaland’s financial resilience and safeguard livelihoods against the increasing frequency of extreme weather events.
  • Providing quick payouts after disasters helps ensure rapid recovery and reduces economic losses, setting a precedent for disaster risk management in India.

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