Swiss Re backs disaster risk insurance scheme in Nagaland

Swiss Re has been confirmed as the reinsurance partner to a new public-private disaster risk insurance scheme in Nagaland, which aims to increase the region’s climate resilience.

The scheme is co-funded by InsuResilience Solutions Fund (ISF). It is an initiative managed by Frankfurt School of Finance and Management and funded by the German KfW Development Bank.

The project will be implemented by a partnership consisting of the Nagaland State Disaster Management Authority, the local insurance company Tata AIG General Insurance Company Limited, with Swiss Re as reinsurance partner and the Swiss consultancy firm Faber Consulting as project coordinator.

Johnny Ruangmei, Officer on Special Duty at NSDMA, Government of Nagaland, said, “With the start of the project we will enhance the existing State and National Disaster Risk Funds by developing and implementing a parametric insurance solution for the monsoon season and earthquakes.”

“This allows us to provide more meaningful and faster compensation in case of a disaster. Investment in risk transfer is essential to foster Nagaland’s resilience and sustainable development”, he added.