At the 4th ASEAN+3 Task Force Meeting on the Disaster Risk Financing (DRF) Initiative session, held on Friday, November 8, 2024, in Vientiane, Dr. Yoshihiro Kawai, SEADRIF Initiative's Director and ASEAN+3 DRF Initiative Secretary-General, reported on the progress of the ASEAN+3 DRF Initiative. He encouraged further support for and utilization of SEADRIF and proposed priority areas moving forward.
Mr. Somxay Keovandy, Deputy Director General, Department of State Owned Enterprises and Insurance Supervision, Ministry of Finance, Lao PDR (LMOF), highlighted the advantages of SEADRIF Insurance Company's quick-disbursing disaster insurance, which provided a payout during the recent flooding caused by Typhoon Yagi. LMOF emphasized the benefits of collaborating with SEADRIF to develop tailored solutions to DRF challenges in Lao PDR.
Mr. Aaron Ang, Division Chief, Department of Finance, Philippines, shared ongoing collaboration with the SEADRIF Insurance Company. This includes the expansion of the National Indemnity Insurance Program (NIIP) to cover health facilities, the deepening of the National Asset Registry System to aid policymaking and the NIIP, and advisory support and capacity building for the Government Service Insurance System towards new product development and asset expansion.
ASEAN+3 member countries largely aligned with and supported the direction presented. They look forward to the improvement proposal agreed upon during the DRF Action Plan workshop.