new delhi, March 3 -- The Centre has engaged its top disaster management agency to carve out an insurance product to mitigate the impact of losses from climate change-related events.
The move comes in the backdrop of increasing frequency of such extreme events in the country, with large segments of populations in disaster-prone areas unable to cope.
Two persons aware of the matter said on condition of anonymity that the National Disaster Management Authority (NDMA) has constituted a working group called Committee on Disaster Risk Reduction (CoDRR), with the department of financial service as a member, to develop a 'single-peril parametric insurance' product for the Indian market. A single-peril parametric insurance policy pays out a fixe...