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Faber to coordinate a project for the ISF in India

The InsuResilience Solutions Fund (ISF) announced on 18 March 2021 the signing of a grant agreement to support the development of an insurance scheme for the State Disaster Response Mitigation Fund (SDRMF) of the Indian state of Nagaland. Under the agreement, the ISF will co-fund the costs for the development of a new sub-sovereign insurance scheme. The scheme will be developed in a partnership consisting of the Nagaland State Disaster Management Authority (NSDMA), the local insurance company Tata AIG General Insurance Company Limited, with Swiss Re as reinsurance partner and Faber Consulting as the overall project coordinator.

At Faber Consulting, we are very proud to be part of this prestigious and highly innovative initiative that has the potential to become a lighthouse project for disaster risk financing. The new scheme will expand the existing excess rainfall insurance. The coverage will be broadened to include a complementary earthquake cover in order to strengthen Nagaland’s resilience to natural disasters. Nagaland is the first Indian State to opt for insurance to increase the financial capacity of its State Disaster Response Fund.

With the signing of the grant agreement earlier this month the project has reached its first major milestone. In late 2019, the ISF and NSDMA approached Faber Consulting to support the Government of Nagaland in developing the concept for an insurance scheme that would enhance the financial capacity of Nagaland’s State Disaster Response Mitigation Fund (SDRMF) and meet the ISF’s funding eligibility criteria. After an initial insurance pilot scheme had been tested, the ISF initiated the formation of the four-party partnership to submit a detailed proposal and business plan that obtained approval.

Over the course of the next 24 months, Faber Consulting will be providing disaster risk financing advisory services to the Government of Nagaland and assume the role of project coordinator.

For more information please contact Andreas Bollmann:
FABER CONSULTING
ANDREAS BOLLMANN
AB@FABERCONSULTING.CH
+41 44 256 1085

For further information consult the below links:

https://www.insuresilience-solutions-fund.org/news-events

https://www.frankfurt-school.de/en/home/newsroom/news/2021/Maerz/entwicklung-einer-versicherung-f-r-naturkatastrophenrisiken-f-r-nagaland

https://www.insuresilience.org/news-blog/