National Workshop on Disaster Risk Financing, Insurance and Risk Transfer held in Mumbai

National Workshop on Disaster Risk Financing, Insurance and Risk Transfer was held at Insurance Institute of India in Mumbai today. The one day workshop was jointly organized by National Institute of Disaster Management (NIDM) and Insurance Institute of India (III).  Member Secretary, NDMA, Shri. G.V. V. Sarma; Secretary General, Insurance Institute of India, Shri Deepak Godbole; Executive Director, NIDM, Major General Manoj Kumar Bindal; and CMD, GIC Re, Mr. Dervesh Srivastava inaugurated the workshop.

In his video message, Principal Secretary to the Prime Minister, Dr. P. K. Mishra highlighted:

  • Prime Ministers 10-point agenda on Disaster Risk Reduction
  • Report of 15th Finance Commission Report
  • Importance of insurance not only for financial resilience but also as a tool for mitigating impact of disasters

Dr. Mishra also congratulated NIDM and III for their collaborative effort for taking up the initiative and in creating a milestone for Disaster Risk Financing.

The intensity and frequency of natural calamities and disasters are rising every day and developing countries are the most affected. In order to face the economic and fiscal shocks caused by major disasters, a robust disaster risk management programme is essential. The workshop has been aimed to impart understanding of disaster risk financing and creation of action plans for implementation by state governments, local authorities and insurance companies. Accordingly, three technical sessions were conducted: Disaster Risk finance and Insurance for the option of Risk Transfer; Challenges in Implementing Insurance for building Disaster Risk Resilience; and State Government Perspectives and Designing Action Plan for the Future.

‘Let us not work in silos’ was the sentiment of the workshop which was evident from the active participation of representatives and delegates from Government Organisations, State Disaster Management Authorities, Insurance and  Re-Insurance companies, Insurance experts, World Bank, UN Institutions, Financial Institutions and also organisations working on Catastrophe Financial Resilience from across the country.

State governments especially Odisha, Andhra Pradesh and Tamil Nadu which faced natural calamities recently shared their experiences in handling the post-disaster scenario and the risk transfer steps followed and implemented in their states.During the workshop, reports on ‘Property Insurance in New & Existing Housing’  and ‘Challenges in Insuring Flood-Prone Areas of Mumbai’ were released by CMD, GIC Re, Devesh Srivastava and Member, NDMA, G V V Sarma.

Mrs. Shefali Sehwani, CFO, Lloyds India; Mr. Vijay Kalavakonda from World Bank; Mr. J. Augustine, CEO, Axa XL India; Mr. Satish Raju, CEO, Swiss Re-India; Smt. Usha Rani, Principal Secretary, Andhra Pradesh; Mr Pradeep Jena, Principal Secretary and CEO, Odisha State Disaster Management Authority; Mr. Ramachandradu, Additional Secretary, Bihar; and Thiru. A.B. Rafiulla, Deputy Director of Agriculture(Crop Insurance), Chennai, Tamil Nadu were the major speakers of the day.