On Monday 14 August 2023 the SEADRIF Insurance Company made two payouts totaling US$1.5 Million directly to the Government of the Lao PDR to provide rapid support to the country. This is just 1 business day after the Lao PDR Ministry of Finance submitted the notice of loss forms to trigger two payouts on Friday 11 August 2023.
The SEADRIF Insurance Company is part of the broader SEADRIF Initiative that provides participating ASEAN member countries with technical advice and financial solutions against climate shocks and natural disasters. The SEADRIF Insurance Company issued its first product to the Government of the Lao PDR in February 2021 for protection from floods and other perils. These two payouts come from the finite insurance component under this insurance policy.