Kohima, Nagaland, August 2 (HBTV): Nagaland has signed on August 2 a memorandum of understanding for disaster risk management which, according to the chief minister of the state, will provide financial protection without burdening the state.    

The Chief Minister's Office hosted a signing ceremony for the "Disaster Risk Transfer Parametric Insurance Solution (DRTPS)." Attendees at the event included representatives from the State Bank of India, GIF, ISF Germany, and the Ministry of Home Affairs. 

Nagaland Chief Minister Neiphiu Rio said that the insurance will cover the entire state, providing financial protection without burdening the state with premiums. Effective from 2024 to 2027, the initiative aims to enhance disaster resilience using ground weather station data for efficient response and recovery.

The DRTPS is expected to serve as a model for future parametric insurance solutions, promoting financial resilience and sustainable development in disaster-prone regions.