State Govt, SBI General Insurance Sign MoU For DRTPS

In a significant move towards disaster preparedness, the State Government and SBI General Insurance signed a Memorandum of Understanding (MoU) for Disaster Risk Transfer Parametric Insurance Solution (DRTPS). This makes Nagaland the first state in the country to implement this disaster management insurance.

Aimed at safeguarding the state

The state chief minister, Neiphiu Rio, announced that the new insurance partnership was aimed at safeguarding the state against natural calamities. The agreement signed between SBI General Insurance and Nagaland State Disaster Management Authority (NSDMA) ensures comprehensive coverage for the entire state.

Unpredictability of disasters and the state’s limited resources

Addressing media after the signing ceremony, Rio emphasized the unpredictability of disasters and the state’s limited resources to manage them independently. He expressed gratitude towards the Ministry of Home Affairs and other involved agencies, including SBI General Insurance, for facilitating the agreement. “We don’t know when a disaster will strike, and without our own resources, it is reassuring to have this insurance in place,” Rio stated.

Aims to ensure the safety of all citizens

“Although we will be paying premiums, we are comforted knowing that in the event of a major disaster, this insurance will provide much-needed protection,” Rio added. The chief minister also highlighted the importance of public involvement in the initiative. He said that the insurance aims to ensure the safety of all citizens.

All the agencies involved

“Whether it’s a drought or a mudslide that destroys property or crops, this insurance will help us build back better,” he remarked. Rio expressed his appreciation to all the agencies involved in making this possible.

Proactive step towards disaster management

This initiative marks a proactive step towards disaster management in Nagaland, providing a safety net for the state’s residents in times of crisis. Responding to a query on the amount to be paid by an individual, the chief minister said the government would come up with a mechanism where the state would pay some amount of the premium at the same time not burdening the exchequer too much while the insurance company will also play its part.

Based on mutual trust

He said the project was based on mutual trust and benefit for the insurance company as well as the state government. Asked if it would cover both the rural and urban areas, he said it was for the whole state. Earlier, the signing ceremony was chaired by chief secretary Nagaland, Dr J Alam, while advisor NSDMA and NRE, Z Nyusietho Nyuthe, made the opening remark.