The ASEAN Disaster Risk Financing and Insurance Phase 2 (ADRFI-2) conducted a “Train the Trainers” session on the use of the ADRFI-2 Platform in Vientiane, Lao PDR on 16 May. The ADRFI-2 Platform with its newly developed proprietary tools allow ASEAN Member States (AMS) to assess their building stock exposure and risk to Natural Catastrophe (NatCat), and to evaluate the financial adequacy of various risk financing instruments. Mr Dylan Bryant represented SEADRIF Insurance Company (SDI) assisted in demonstrating how the Platform data and tools could be used to support a public assets insurance program and other disaster risk financing strategies. The Lao PDR government has recently launched “National Financial Protection Strategy against Disaster Risks 2020-2030”. The ADRFI-2 Platform came at the right time to help support this strategy.
An initiative led jointly by the Institute of Catastrophe at the Nanyang Technological University, Singapore and the ASEAN Secretariat in Jakarta, Indonesia, ADRFI-2 aims to strengthen the financial resiliency of AMS under NatCat, equipping AMS with risk management and risk transfer knowledge, enabling them to better plan for NatCat disasters. SDI provides sovereign catastrophe risk insurance and financing solutions that customize to meet the needs of AMS. ADRFI-2 and SEADRIF are both regional initiatives that share the same vision to protect ASEAN vulnerable from climate shocks and NatCat disasters. More collaboration efforts are being developed between the two initiatives to leverage each other’s strengths and maximize efficiency of resources.
After the workshop, Dylan hosted a separate session with the government to discuss renewal process and needs of Lao PDR for the existing flood risk policy issued by SDI. There will be more updates on this important topic soon.