[Singapore, Thursday 1st Feb 2024] – The SEADRIF Insurance Company is delighted to announce the successful renewal of parametric insurance coverage for flooding with the Government of Lao PDR. This renewal marks a significant continuation of our commitment to providing innovative catastrophe risk solutions tailored for our members.
The parametric flood insurance policy structure has been revised by SEADRIF, with Laos Ministry of Finance and technical partners, to ensure it aligns with the unique needs of Laos. The parametric trigger has been expanded from 2 levels to 4 levels and thresholds lowered, providing flexibility to address varying risk scenarios.
"This renewal underscores the strategic partnership we have cultivated with the Lao PDR Ministry of Finance over the past three years. We express our gratitude for their invaluable input and trust in the SEADRIF Insurance Company to continue contributing to the enhancement of disaster risk financial resilience in Lao PDR," said Ms. Hien Anh Than, Board Member, and Executive Director at the SEADRIF Insurance Company.
Mr. Somxay Keovandy, Director of Division, Department of State-Owned Enterprises Reform and Insurance, Ministry of Finance at the Laos Ministry of Finance, expressed appreciation for the SEADRIF Insurance Company's commitment to supporting the Government of Lao PDR in building financial resilience. "Since the issuance of the first policy in 2021, the company has consistently provided high-standard service and capacity-building support. We particularly commend their creative and agile approach in designing the renewed policy and their efforts in collaborating with technical partners to meet our specific needs. We also extend our thanks to the World Bank team and international donors for their support in making this renewal happen."
This renewal not only reflects our ongoing dedication to member-centric solutions but also signifies the strategic importance the Government of Lao PDR places on disaster risk financing for advancing sustainable development prospects.
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.
For more information and updates, please visit: seadrif.org/the-seadrif-insurance-company/
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Contact:
Lily Tung, Communications Consultant
SEADRIF Insurance Company