THE SEADRIF INSURANCE COMPANY

Providing catastrophe risk insurance coverage


About

Background

The SEADRIF Insurance Company was incorporated in Singapore in April 2019 as a licensed insurance company under the Singapore Insurance Act. The Insurance Company is fully owned by SEADRIF member countries through Intertrust acting as Trustee of the SEADRIF Trust and regulated by the Monetary Authority of Singapore. It is governed by a Board of Directors comprising three professionals with decades of experience in the insurance industry.

Catastrophe Risk Insurance Product

As its first product, the Insurance Company launched a regional catastrophe risk insurance product – the first regional product in Asia – that provides cover against flood risks in Lao PDR. This can be expanded to additional countries in the future.

Learn more about SEADRIF and how it works in our FAQs

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Board of Directors

The SEADRIF Insurance Company is governed by a Board selected and appointed by members of the SEADRIF Sub-Trust A.

Ms. Hauw Soo Hoon

Non-Executive Director and Chair of the Board

Operating Partner in a venture capital firm headquartered in Singapore

Soo Hoon has more than 30 years of corporate and regulatory experience in the insurance industry.
She had served as Executive Director of the Insurance Supervision Department at the Monetary Authority of Singapore (2000-2005).

She is a Distinguished Fellow of the International Association of Insurance Supervisors (IAIS) and had qualified as a Fellow of the Institute of Actuaries.

Soo Hoon currently serves on the Board of Singapore Deposit lnsurance Corporation and the non-profit Special Needs Trust Co. Ltd. She is a member of Ministry of Health’s Medishield Life Council and Central Provident Fund’s Insurance Schemes Committee.

Mr. George McGhie

Executive Director, Board Member, and Chief Executive

Asia Pacific Managing Director, Willis Towers Watson Management

George McGhie has 40 years of experience in the insurance industry, of which he has spent 27 years in Asia. George spent the first seven years of his career in London as a loss adjuster managing large and complex claims. In 1987 he moved into insurance company management in Bermuda, and in 1992 transferred to Singapore to establish a major regional practice.

He has since been involved in the establishment and management of many insurers in the region, as well as special purpose vehicles owned by government agencies. He acts as Chief Executive and sits on the board of a number of insurers in Singapore.

Mr. Gary Rynsard

Executive Director and Board Member

Former Chief Executive Officer and Executive Chairman at Steamship Mutual

Gary Rynsard has spent most of his career at Steamship Mutual, where he started as a lawyer advising on legal issues affecting shipowners and most recently served as the Chief Executive Officer and Executive Chairman until 2019.

The Steamship Mutual is one of the largest "P&I Clubs" (Protection and Indemnity Clubs) mutual insurance associations that provide third party liability and indemnity insurance for shipowners. He holds an MA in English Literature from Pembroke College, Cambridge University and a Barrister-at-Law degree from Inns of Court School of Law, London.

Company Management

The management of the Insurance Company and its functions are outsourced to competitively selected professional service providers in Singapore. Third party service providers include the insurance manager, asset manager, reinsurance broker, and calculation agent. The Insurance Company conducts its operations in line with its constitution and the SEADRIF Operations Manual adopted by member countries.

Latest news

Southeast Asia Disaster Risk Insurance Facility (SEADRIF) Technical Briefing for Japanese Insurance Industry
The World Bank and the Ministry of Finance Japan co-organized a technical briefing for Japanese insurance industry on the Southeast…
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ASEAN Asia First Regional Climate Disaster Risk Financing Facility
Southeast Asia is a diverse region home to almost 650 million people with a combined GDP of more than US$2.7…
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Speech by Mr Heng Swee Keat, Minister for Finance, and MAS’ Board Member, at the 15th Singapore International Reinsurance Conference on 29 October 2018
Mr Marc Haushofer, Mr Richard Austen, Mr Sivam Subramaniam, Distinguished guests, Ladies and gentlemen, Introduction 1   Good afternoon!  To our…
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Protect the greatest home of all: Our countries

Read about SEADRIF’s programs and products.
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