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India may introduce climate-linked insurance scheme to simplify relief process, says report — what is it?
Livemint | English | News | Oct. 8, 2025 | Climate Change
The Indian government is in early-stage discussions with local insurers to develop a nationwide climate-linked insurance programme aimed at simplifying financial relief after extreme weather events like floods and heatwaves. This program would use a parametric insurance model, allowing for rapid payouts when specific weather conditions such as rainfall, temperature, or wind speed exceed predetermined thresholds. The approach is expected to reduce the central government’s financial responsibility by transferring more risk to insurers.
If implemented, India would become one of the first major economies to adopt such a scheme, which is designed to provide faster, more feasible compensation compared to traditional insurance claims that require lengthy loss assessments. The model is particularly beneficial for rural and remote areas where assessing losses is difficult and insurance coverage is limited. The initiative involves collaboration among the National Disaster Management Authority, finance ministry, GIC Re, and other major insurers.
India’s high vulnerability to climate risks underscores the urgency of this scheme. It ranks sixth globally on the Germanwatch Global Climate Risk Index 2025, having experienced over 400 extreme weather events in the past three decades, with significant fatalities and economic losses. Several states have already piloted parametric insurance schemes, with ongoing talks to expand coverage. Funding for the programme may come from disaster relief funds or small charges on utility bills, with formal proposals still under development.