SEADRIF Insurance Payout to support Lao PDR in responding to the ongoing Typhoon Yagi Flooding

The SEADRIF Insurance Company has made a payout of US$750,000 following the passage of Typhoon Yagi which devastated eight provinces in Lao PDR, including Vientiane Capital, Phongsaly, Luangnamtha, Oudomxay, Bokeo, Luangprabang, Xiengkhuang, and Xayabouri.

The SEADRIF Insurance Company expresses its deepest condolences to the people and Government of Lao PDR for the loss of lives, livelihoods, and properties. SEADRIF also extends its sympathies to the governments of Viet Nam, Myanmar, and the Philippines for their losses, and other countries affected in the region by this event.

SEADRIF initiated a first payout of US$750,000 on Friday 20th September after reviewing provisional data on the number of people affected. This was just five days after the observed peak of the flooding in the country’s capital Vientiane on 15^th September, and on the same day the calculation agent confirmed the impact of the flooding. The Company and the calculation agent for the policy keep monitoring the event as updated data on Mekong water levels is becoming available, which could trigger an additional payout.

The immediate arrangement of an initial payout underscores SEADRIF’s steadfast commitment to supporting member governments and communities in times of crisis. The funds will support Lao PDR’s recovery efforts and help the government reach its most affected populations following the pre-approved contingency plan. This includes providing goods and services for post-disaster emergency relief, damage control, and the restoration of essential services. All spending will adhere to the SEADRIF Environmental and Social Management System (ESMS) which was prepared in line with the World Bank’s Environmental and Social Framework (ESF).

Mr. Phaitoun THIENGLAMAY, Acting Director General, Department of State-Owned Enterprises and Insurance Supervision, Ministry of Finance, LAO PDR, stated: “The people of Laos have suffered greatly due to flooding triggered by Storm Yagi’s heavy rains and strong winds. The rapid payout we received from SEADRIF, will help the government meet the relief and recovery needs of the most vulnerable people affected. This immediate support will enhance our damage control and recovery efforts. We appreciate the dedicated partnership and the high level of service provided by the SEADRIF team.”

Mr. Benedikt Signer, Executive Director of the SEADRIF Insurance Company stated: “We stand in solidarity with the people and the Government of Lao PDR during these challenging times. This timely payout is a testament to the farsighted leadership of the Government of Lao PDR to proactively manage climate risks. It demonstrates the value of pre-arranged financing through SEADRIF products to help mitigate the impact of severe events.

We are committed to continuing to support all our members in strengthening financial resilience against climate shocks and disasters.”

SEADRIF appreciates the continued close collaboration with Lao PDR Ministry of Finance, the World Bank, JBA and GallagherRe, as well as the support by the Governments of Japan and Singapore, which makes this protection possible. 

About the SEADRIF Initiative

SEADRIF is a regional platform that provides participating nations with advisory and financial services to increase preparedness, resilience and cooperation in response to climate and disaster risks. SEADRIF is established and owned by ASEAN+3 countries, with financial support from the Governments of Japan and Singapore. The World Bank is the lead technical partner to SEADRIF.

About the SEADRIF Insurance Company

The SEADRIF Insurance Company is incorporated in Singapore and licensed as a general insurance company to offer insurance solutions to member countries. It is regulated by the Monetary Authority of Singapore. The SEADRIF Insurance Company closely collaborates with member countries to develop products that help governments better manage the costs when natural disasters hit.