SBI Gen settles claim of Rs 1.06 Cr to NSDMA under DRTPIS
SBI General Insurance, one of India’s leading general insurance providers, has reaffirmed its commitment to disaster resilience by facilitating the first claim settlement of Rs 1.06 Crore to the Nagaland State Disaster Management Authority (NSDMA) under its Disaster Risk Transfer Parametric Insurance Solutions (DRTPIS), which enables claim settlement, based on weather data parameter, without the need for individual intimation for claim processing
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Mumbai, Mar 31: SBI General Insurance, one of India’s leading general insurance providers, has reaffirmed its commitment to disaster resilience by facilitating the first claim settlement of ₹1.06 Crore to the Nagaland State Disaster Management Authority (NSDMA) under its Disaster Risk Transfer Parametric Insurance Solutions (DRTPIS), which enables claim settlement, based on weather data parameter, without the need for individual intimation for claim processing.
This initiative follows the Memorandum of Understanding (MoU) between SBI General Insurance Company Ltd & Nagaland State Disaster Management Authority (NSDMA) signed in August 2024, establishing a 3-year partnership supported by key reinsurers GIC Re, Munich Re, Hannover Re and SCOR, who played a crucial role in enhancing disaster management efforts.
The settlement covers excess rainfall during the 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.
This parametric insurance solution represents a significant advancement in Nagaland's disaster mitigation and resilience strategy. This innovative product is designed to facilitate rapid recovery in the event of natural disasters, providing timely and effective relief to those affected.
Speaking of this significant milestone, Naveen Chandra Jha, MD and CEO of SBI General Insurance, said, "Our commitment to developing innovative insurance solutions has led to the successful implementation of the Disaster Risk Transfer Parametric Insurance Solutions (DRTPIS) in Nagaland. We have facilitated a claim settlement of ₹1.06 Crore to the Nagaland State Disaster Management Authority (NSDMA), demonstrating our dedication to disaster resilience & quick settlement.
”He further added, “Our parametric insurance model ensures that financial assistance reaches the affected communities & regions without delays, helping strengthen resilience against natural disasters. As climate variabilities increase, parametric insurance plays a vital role in achieving sustainable development. By providing compensation for losses incurred, we're facilitating recovery measures and protecting the infrastructure and economy."
The cheque was formally handed over in the presence Z Nyusietho Nyuthe- MLA & Advisor, NSDMA & NRE, Lhouchalie Viya - IAS - Commissioner & Secretary, NSDMA & NRE, Johnny Ruangmei - Joint Chief Executive Officer, NSDMA, Dr Noyingbeni Kikon – Chairperson, Piyush Kr Singh - Head-Rural, Agriculture & Micro Insurance, SBI General Insurance, Sandeep Mukherjee Regional Head-East 1, SBI General Insurance & Subhankar Mazumder - Regional Sales Manager from SBI General Insurance Company Ltd and other senior delegates from SBI General Insurance.
Through such initiatives, SBI General Insurance continues to play a vital role in supporting disaster management efforts across India, reinforcing its mission to provide security, stability, and swift claim settlements for communities in need.
