Which state has become the first in country to implement a Disaster Risk Transfer Parametric Insurance Solution?

The Government of Nagaland signed a Memorandum of Understanding with SBI General Insurance to implement the Disaster Risk Transfer Parametric Insurance Solution (DRTPS), making Nagaland the first state in India to adopt such a measure. The DRTPS aims to safeguard critical infrastructure and mitigate economic losses from floods, droughts, and mudslides. The government will cover the insurance premium for three years, addressing the rising risks from climate change-related extreme weather events.