Nagaland Becomes First State to Implement Disaster Insurance
Nagaland has become the first state in India to implement a disaster management insurance scheme by signing an agreement with SBI General Insurance. The new program, called the Disaster Risk Transfer Parametric Insurance Solution (DRTPS), is designed to provide quick financial support after natural disasters by offering predetermined payouts based on specific disaster events, without the need for detailed damage assessments. This initiative aims to protect critical infrastructure, reduce economic losses, and improve disaster preparedness in Nagaland, setting a precedent for other states. Nagaland, located in northeastern India, is known for its cultural diversity, natural resources, and historical significance.
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