Lao PDR, Thursday, 3 October 2024 - SEADRIF and the Lao People’s Democratic Republic (Lao PDR) Ministry of Finance held a ceremony to present the US$3 million payout from the Government’s parametric flood insurance policy triggered by damages from Typhoon Yagi.
H.E. Santiphab Phomvihane, Minister of Finance of the Lao People’s Democratic Republic, welcomed Mr. Benedikt Signer, Executive Director of the SEADRIF Insurance Company, Mrs. Viengsamay Srithirath, Acting Country Manager of the World Bank in Lao PDR, and Mr. Junichiro Matsuyama, First Secretary of the Japanese Embassy in Vientiane. Senior officials also represented key government departments including the Ministry of Planning and Investment and the Ministry of Labour and Social Welfare. The teams took the opportunity to discuss the importance of disaster risk financing and the continuation of protection for the country.
H.E. Minister Santiphab Phomvihane expressed appreciation for the rapid payout from SEADRIF’s flood insurance policy, noting its important contribution to the government’s relief and recovery efforts after the severe flooding. In addition, the Minister welcomed the close collaboration with SEADRIF, the World Bank, and the governments of Japan and Singapore as donors. He further noted the importance of continued work in and developing appropriate financial mechanisms and tools to increase resilience against disasters and climate shocks.
Mr. Signer recognized the leadership of Lao PDR as a champion in establishing SEADRIF since the very beginning and strengthening the country’s financial resilience. He noted that this farsighted leadership by the Ministry of Finance not only helped strengthen Lao PDR’s preparedness but also serves as a good example for the entire ASEAN region.
SEADRIF will continue to work with the Lao PDR Ministry of Finance to enhance the coverage and effectiveness of the policy.
The visit to Vientiane was combined with a training session for key government counterparts on the environmental and social management of payouts, which is carried out in line with the World Bank’s Environmental and Social Framework. This demonstrates the government’s commitment to effective and fast results, in line with its contingency plan for fund disbursement.
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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