Manila, Philippines – The Southeast Asia Disaster Risk Insurance Facility (SEADRIF), through the SEADRIF Insurance Company, and the Food and Agriculture Organization of the United Nations (FAO) marked a key milestone in advancing the preparation of the Regional Agriculture Insurance and Sustainable Economies (SEADRIF-RAISE) initiative at a regional workshop held on 12 February 2026 in Manila, Philippines.
The workshop convened more than 50 representatives from six countries—Cambodia, Lao PDR, Malaysia, the Philippines, Thailand, and Viet Nam—including officials from ministries of finance, agriculture, and environment, as well as representatives from the ASEAN Secretariat and Mekong Institute.
Participants also included a broad range of multilateral and bilateral partners, including the Asian Development Bank, the World Bank, the Japan International Cooperation Agency, Japan’s Ministry of Foreign Affairs, the UK Foreign, Commonwealth & Development Office, and Singapore’s National Climate Change Secretariat. Grow Asia, a multi-stakeholder platform representing regional agribusinesses, as well as private insurers and reinsurers, were also in attendance.
The workshop was organized together with a regional discussion on the Fund for Responding to Loss and Damage (FRLD) in the agriculture sector. Climate-driven hazards—from drought and flooding to typhoons and rising heat—continue to drive significant losses across Southeast Asia’s agri-food systems, disrupt rural livelihoods, and place sustained pressure on public budgets. Between 2010 and 2020, more than 2,900 disasters struck the region, with agricultural drought accounting for 60% of total economic losses. During 2015–2020 alone, Southeast Asia incurred US$11.1 billion in disaster-related losses.
Against this backdrop, discussions examined how RAISE can advance regionally coordinated, market-based solutions in ASEAN to strengthen the financial resilience of smallholder farmers and the broader agricultural sector across ASEAN.
RAISE is being developed as a demand-driven, regionally owned initiative. It was requested by the six participating countries, and builds on a Green Climate Fund readiness grant approved in 2022 to support climate-resilient agriculture across the region. The ASEAN Climate Resilience Network laid the groundwork for that grant proposal through its advocacy efforts and analysis of sector needs and opportunities.
To scale up sustainable agriculture insurance that can protect farmers, food supply, and fiscal budgets, RAISE aims to build the market infrastructure to strengthen domestic private markets and crowd in global risk capital.
RAISE is designed in three complementary components :
- A technical support platform strengthens awareness, data and analytics for improved insurance product design and pricing, and institutional capacity for agricultural risk management;
- A regional first loss reinsurance facility with concessional capital pools risk across countries and improves access to stable and affordable reinsurance capacity through blended finance; and
- A resilience mechanism, supported by FAO, connects risk finance to risk reduction—so that investments in climate-resilient agriculture can translate into improved insurance terms over time.
“Crowding in the private sector is important to mobilize capital at scale,” said Radu Tatucu, Senior Financial Sector Specialist & Financial Sector Lead at the World Bank Philippines. “Governments should not bear agricultural risk alone. By engaging private insurers and reinsurers, countries can tap innovation, technical expertise, and established distribution networks to strengthen risk protection systems.”
“RAISE presents an interesting opportunity for the private sector in an area traditionally seen as the responsibility of governments,” said Ahmad Ariff bin Abu Bakar, Chief Development Officer at Agrobank Malaysia. “A regional platform that strengthens data, capacity, and risk-sharing mechanisms creates a more resilient environment for financial institutions to participate sustainably and at scale.”
“Strengthening resilience in agriculture requires practical, country-driven solutions that improve how risk is managed across the system,” said Beau Damen, Natural Resources Officer - Climate Change and Climate Finance at FAO's Regional Office for Asia and the Pacific. “Through this collaboration, we aim to help advance a market-driven approach that will strengthen regional integration in managing climate risks to food security, while incentivizing national-level actions to build sustainable and resilient agri-food systems that strengthen farmers’ livelihoods and leave no one behind.”
“Governments already carry much of the financial burden when agricultural shocks occur—often after the fact and at high cost,” said Benedikt Signer, Executive Director of the SEADRIF Insurance Company. “What stood out in the workshop was the level of alignment across governments, partners, and private sector that a new approach is needed to transform the infrastructure that unlocks sustainable market based solutions at scale.”
About the SEADRIF Insurance Company
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 and technical support by the World Bank.
The SEADRIF Insurance Company is incorporated in Singapore and licensed as a general insurance company to offer financial solutions to member countries that provide protection against disasters and climate shocks. The SEADRIF Insurance Company closely collaborates with members to develop products that help governments better manage the costs when disasters hit.
For inquiries, please email: contact@seadrifinsurance.com.
For more information and updates, please visit: seadrif.org/the-seadrif-insurance-company/
Follow SEADRIF on LinkedIn: https://www.linkedin.com/company/seadrif-insurance-company
About the Food and Agriculture Organization of the United Nations
The Food and Agriculture Organization of the United Nations (FAO) is a specialized agency of the United Nations that leads international efforts to defeat hunger. Its goal is to achieve food security for all and ensure that people have regular access to enough high-quality food to lead active, healthy lives. With 195 members—194 countries and the European Union—FAO works in over 130 countries worldwide.
For inquiries, please email: FAORAP-CCRLW@fao.org
For more information and updates, please visit: https://www.fao.org/asiapacific
Follow FAO on LinkedIn: https://www.linkedin.com/company/fao/