Government of Nagaland Signed MoU with SBI General Insurance on DRTPS

Current Context: The Government of Nagaland signed a Memorandum of Understanding (MoU) with SBI General Insurance for the Disaster Risk Transfer Parametric Insurance Solution (DRTPS) on August 2, 2024 in Kohima.

• This makes Nagaland the first state in India to implement such a disaster risk management insurance solution.
• The DRTPS aims to protect the state’s critical infrastructure and reduce economic losses due to floods, droughts, and mudslides.
• The insurance will cover the entire state, and the government will pay the premium for the next three years.
• This initiative is especially relevant given the increasing frequency of extreme weather events due to climate change.

Question:

1. Which state has become the first in India to implement a Disaster Risk Transfer Parametric Insurance Solution (DRTPS)?

• A) Assam
• B) Nagaland
• C) Mizoram
• D) Manipur

Answer: B) Nagaland is the first state in India to implement such a disaster risk management insurance solution.