The establishment of the SEADRIF Sovereign Asset and Fiscal Empowerment (SEADRIF-SAFE) Facility has reached a governance milestone with the appointment of two internationally recognized experts, Dr. Ramesh Subramaniam and Mr. Lubomir Varbanov, as independent Co-Chairs to lead the SEADRIF-SAFE Task Force.
Championed by the Philippines and Japan as 2026 co-chairs of ASEAN+3, SAFE will integrate disaster insurance directly into infrastructure projects supported by bilateral and multilateral partners. By ensuring that hospitals, schools, roads, and public buildings are financially protected, the initiative will enable governments to recover more quickly and safeguard development gains in the aftermath of disasters.
The SAFE Task Force will bring together the key multilateral and bilateral development partners to develop the full institutional, legal, technical, and financial designs to be presented to ASEAN+3 Finance Ministers.
Dr. Subramaniam has over 35 years of senior leadership track record, including as Director General at the Asian Development Bank, and extensive experience advancing resilient, inclusive infrastructure and regional cooperation across ASEAN and beyond. He currently serves as Global Director of Programmes and Strategy at the Coalition for Disaster Resilient Infrastructure (CDRI).
“The developing world suffers about $400 billion in infrastructure losses from disasters every year. Several Southeast Asian economies are on the so-called "ring of fire" and face considerable risks. SEADRIF has, what I would call, a noble objective of protecting livelihoods while saving lives just like the Coalition of Disaster Resilient Infrastructure,” Dr. Subramaniam said.
“Having robust insurance arrangements for infrastructure assets would augment critical pre-arranged financing solutions. In this context, I am so delighted that ASEAN+3 have agreed to set up SEADRIF-SAFE, which will build momentum for enhancing insurance-based risk transfer solutions," he added.
Mr. Varbanov has over 30 years of experience across private credit and equity, insurance and reinsurance, blended finance, and public–private partnerships, having held senior roles at the International Finance Corporation and Swiss Re, and currently serves on Pentagreen Capital’s Green Investments Partnership Fund Investment Committee.
“When it comes to public asset sustainability in ASEAN, SEADRIF is uniquely positioned to bridge public policy priorities and private market capabilities in a way that is both sound and implementable. My experience working closely with governments, development institutions, (re)insurers, and global investors has shown how much value is created when these perspectives are aligned from the outset," Mr. Varbanov said.
"I look forward to supporting SEADRIF-SAFE in translating policy objectives into scalable, market-backed solutions that strengthen financial resilience to disaster and climate risks,” he added.
The appointment of the Co-Chairs reflects SAFE’s evolution from a policy decision into the feasibility and design phase. Key milestones include the 2026 ASEAN+3 Finance Ministers and Deputies meetings and the World Bank Annual Meetings, towards a launch at the 2027 Asian Development Bank Annual Meeting. With complementary expertise spanning infrastructure policy, disaster risk financing, insurance, and public sector investment, the Task Force Co-Chairs will provide strategic guidance as SAFE advances its work across Southeast Asia.
Ramesh Subramaniam - Co-Chair, SEADRIF-SAFE
Dr. Subramaniam brings a systems-thinking approach to resilience and is deeply committed to fostering inclusive and adaptive infrastructure solutions. In his present role at CDRI, he guides CDRI's strategic planning, and oversees its global programmes, partnerships and resource mobilization efforts. Before joining CDRI, Dr Subramaniam spent 28 years at the Asian Development Bank (ADB), holding senior roles across the Asia-Pacific.
As Director General and Group Chief of ADB’s Sectors Group, Dr. Subramaniam oversaw seven sectoral portfolios, including energy, water, transport, and social development, and played a key role in implementing the Bank’s climate, private sector, and innovation agendas under its new operating model. He was also Director General for Southeast Asia operations for several years.
His leadership shaped ADB’s response to major disasters, such as the 2004 Indian Ocean Tsunami and the COVID-19 pandemic, while also advancing regional initiatives like the ASEAN Green Finance Hub and ASEAN Infrastructure Fund. Holding a Ph.D. in Development Economics, he has worked in more than 25 countries, driving policy reform, regional cooperation, and risk-informed investment.
Lubomir Varbanov - Co-Chair, SEADRIF-SAFE
Mr. Varbanov brings deep expertise in sovereign risk, disaster risk financing, public-sector insurance and reinsurance, and the mobilisation of private capital to support resilience and sustainable development outcomes.
He currently serves as an Independent Investment Committee Member of the Green Investments Partnership, an Asia-focused blended finance credit fund supporting the energy transition, managed by Pentagreen Capital and backed by leading public and private institutions including Temasek, HSBC, the International Finance Corporation, and the Monetary Authority of Singapore.
Previously, Mr. Varbanov held senior leadership roles at Swiss Re, where he led public-sector business across Asia Pacific and global partnerships with multilateral development banks, pioneering more than US$1 billion in programmatic risk-sharing platforms addressing sovereign, infrastructure, climate, and natural catastrophe risks. Prior to this, he spent two decades at the International Finance Corporation, where he doubled the Asia-Pacific infrastructure franchise to a US$3 billion portfolio, and earlier worked at BG Group, overseeing global corporate finance, capital markets, and strategic portfolio initiatives. He has also served as a Non-Executive Director on boards in Europe, Africa, and Asia.
His work has focused on building and scaling multi-billion-dollar platforms, combining operational excellence, strong governance, robust risk oversight, and international capital mobilization to deliver long-term value.