Singapore, Tuesday 1 October 2024 – The SEADRIF Insurance Company made a record total payout of US$3 million following the passage of Typhoon Yagi, which caused severe flooding in Lao PDR. The extended flood impact triggered a second payout of $2.25 million on Monday, 30 September. This is just a week after the initial payout of US$750 thousand was made to the Lao PDR Ministry of Finance.
Typhoon Yagi wreaked havoc across fifteen provinces of Lao PDR, including Vientiane Capital, Borikhamxay, Vientiane, Xaysomboun, Khammuan, Oudomxay, Luang Namtha, Borkeo, Phongsaly, Luang Prabang, Huaphanh, Xayaboury, Xiengkhuang, Saravan and Sekong. More than 185,000 people were affected. Damages to roads, schools, and health facilities require speedy reconstruction to minimize disruption to the livelihoods of people.
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.
The immediate disbursement of payouts highlights SEADRIF’s unwavering dedication to supporting member governments and communities during crises. The funds will enhance 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).
SEADRIF provides ASEAN+3 member countries with technical advice and financial solutions against climate shocks and natural disasters. In February 2024, the company renewed its first parametric insurance policy with the Lao PDR Ministry of Finance, specifically aimed at flood protection. The policy was enhanced to better align with the unique needs of Lao PDR. Previously, in August 2023, the Government of Lao PDR received two payouts totaling US$1.5 million for severe flooding.
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.
For more information and updates, please visit: seadrif.org/the-seadrif-insurance-company/
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