Kohima, Aug 2: In a groundbreaking move, the Government of Nagaland has signed a Memorandum of Understanding (MoU) with the State Bank of India (SBI) to implement the Disaster Risk Transfer Parametric Insurance Solution (DRTPS). This makes Nagaland the first Indian state to adopt this innovative disaster management insurance.

The DRTPS is a parametric multi-year risk transfer solution designed to safeguard the state’s critical infrastructure and minimize economic losses due to disasters. This partnership aims to enhance Nagaland’s disaster risk management and financing capacity, ensuring rapid access to funds for relief and rehabilitation efforts.