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 five professionals with decades of experience in the insurance industry.
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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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Introduction Video

SEADRIF Insurance Company, in collaboration with the Lao Ministry of Finance, presents a case study video to explain how the insurance product works, covering aspects such as the policy structure, rapid payouts, and policy renewal.
Watch the Introduction Video in Lao
Watch the Introduction Video in English

Board of Directors

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

Dr. Yoshihiro Kawai

Non-Executive Director and Chair of the Board

Chair of the OECD Insurance and Private Pension Committee; Chair of the Global Asia Insurance Partnership (GAIP)

Dr. Kawai brings a wealth of both industry and policy experience to SEADRIF. After starting his career in the insurance industry and the government of Japan, he spent two decades leading high level international policy and spearheading insurance regulatory developments at the International Association of Insurance Supervisors (IAIS).

Dr. Kawai currently also serves as Chair of the OECD Insurance and Private Pension Committee; Chair of the Global Asia Insurance Partnership (GAIP); Advisor to the Commissioner, Japan Financial Services Agency (FSA); and Member of the International Advisory Council, China Banking and Insurance Regulatory Commission (CBIRC). He is also Adjunct Professor at the Graduate School of Management, Kyoto University and Visiting Professor at the Graduate School of Public Policy, Tokyo University.

Ms. Hien Anh Than

Board Director


Ms. Than brings a wealth of board governance and executive management experience in the financial and insurance sectors to the SEADRIF Insurance Company.

Hien Anh was on the Board of Directors at Baoviet Holdings (BVH), Vietnam's largest financial conglomerate, and Chair of the Board of Bao Viet Life. She was also the Vice Chairperson at the Insurance Association of Vietnam (IAV). 

Over nearly 30 years, Hien Anh has built a prominent career in the Vietnamese financial services and insurance industry, including reinsurance, general insurance, life insurance, and asset management. She has held multiple senior positions, including Chief Executive Officer (CEO) of Baoviet Life, Chair of the Board of Tokio Marine Bao Viet Joint Venture, as well as Baoviet Holdings Group Chief Strategy Officer (CSO) and Chief Risk Officer (CRO).

Hien Anh is a Chevening Scholar with an MBA from the University of Birmingham, UK.
She is a Fellow of the Financial Services Institute of Australia (FINSIA). 

Ms. Su Hoong Chang

Board Director


Ms. Su Hoong Chang brings a wealth of experience and insights from her work with regulatory bodies, international financial institutions, and national authorities.

Over 30 years, Ms. Chang has built a distinguished career in both the public and private sectors.

In her most recent appointment with the Monetary Authority of Singapore (MAS), Ms. Chang served as the Chief Representative of MAS in Beijing. She led the office in enhancing connectivity between the financial sectors of China and Singapore. Over her 15-year tenure with MAS, she held various leadership roles including Head of the Internal Audit Department, Director of the Securities Regulatory Development Division, Deputy Director of the Supervisory Policy Department, and Assistant Director of the Insurance Department.

As a Senior Financial Sector Expert with the International Monetary Fund (IMF) in Washington, D.C., Ms. Chang contributed to the IMF’s global financial stability surveillance.

Her private sector experience included managing regulatory affairs/policy and conduct risk of a major bank, Principal/Director of a regulatory/compliance consultancy firm, Finance Manager with a reinsurer and tax consultancy with a public accounting firm.

Mr. Benedikt Signer

Executive Director and Board Director


Mr. Benedikt Signer has been a core part of the SEADRIF Insurance Company team since March 2023, acting as an Advisor to the Board in the areas of strategy, organizational and product development, partner and country engagement, public-private partnership and operational management.

Mr. Signer brings a wealth of knowledge and experience in Disaster Risk Finance, combined with deep insights from his extensive experience working with governments and development partners in the region.

Over a decade at the World Bank, he supported more than 20 countries in actively managing potential losses from climate and disaster shocks across Southeast Asia and other regions. He was closely involved in the creation and implementation of multiple global initiatives, including co-leading the Global Risk Financing Facility (GRiF) and supporting the design of the G7-V20 Global Shield against Climate Risks. He co-led the establishment of the World Bank’s Financial Protection Academy which has by now reached over 30,000 people in more than 100 countries.

Mr. Signer has advised the Asian Development Bank as a technical team leader and worked with select global universities and private sector organizations. He is involved in several non-profit technology organizations around climate and sustainability.

Mr. Heddy Pritasa

Board Director


Mr. Heddy Pritasa brings with him 30 years of experience in the insurance industry in Indonesia and the ASEAN region, marked by significant achievements and leadership in various strategic roles.

In his most recent role as the Technical Director of PT Reasuransi MAIPARK Indonesia, he spearheaded strategic and business development initiatives that benefitted MAIPARK and its clients. His responsibilities included formulating internal strategic insurance technical aspects in collaboration with business partners and delivering superb technical services.

Mr. Pritasa also served as the Chairman of the ASEAN Natural Disasters Research and Works Sharing ASEAN Insurance Council (ANDREWS AIC), where he set mutual goals for best practices and strategic initiatives for natural disaster research and knowledge exchange among ASEAN member countries.

Additionally, Mr. Pritasa led the Technical Committee team within the State-Owned Property Insurance Consortium of Indonesia (KABMN). He guided the team in formulating, implementing, expanding, and monitoring technical insurance aspects and practices, thereby enhancing the consortium's effectiveness and reach.

Team

Ms. Ellen Yong

Chief Operating and Financial Officer (COFO)

llen was appointed as COFO in December 2023, marking a pivotal moment as she became the Company’s first full-time staff member. Ellen possesses extensive experience in the insurance and reinsurance industry. She is a versatile actuary committed to addressing catastrophe risk financing, driven by her dedication to enhancing communities’ resilience in the face of climate shocks.

With a comprehensive background in pricing and portfolio analysis, reserving and capital modeling, underwriting policies, claims handling policies, finance, insurance, and regulatory reporting, Ellen possesses a holistic understanding of actuarial operations. In Ellen’s previous leadership position with Fidelis Insurance, Bermuda, she focused on understanding natural catastrophes and their relationship with climate change from a global perspective.

Ms. Hauw Soo Hoon

Board Advisor

Soo Hoon was the first Board Chair of the Company from 2019 to 2022 and led the Company’s early development.

Soo Hoon has more than 30 years of corporate and regulatory experience in the insurance industry, mostly in the private sector. She had served as Executive Director of the Insurance Supervision Department at the Monetary Authority of Singapore. Soon Hoon currently serves on the Board of Singapore Deposit Insurance Corporation and the non-profit Special Needs Trust Co. Ltd. She is a member of the Ministry of Health Medishield Life Council and Central Provident Fund’s Insurance Schemes Committee. She is a Distinguished Fellow of the International Association of Insurance Supervisors and is qualified as Fellow of the Institute of Actuaries.

Mr. Sid Miller, OBE

Board Advisor Public Sector Risks Financing and Insurance

Sid has experience in both private and public insurance with AXA New Zealand leading operations and the New Zealand merger of AXA and AMP. He was General Manager Claims Management and Chief Customer Officer for the Accident Compensation Scheme before being appointed as the Chief Executive of the New Zealand Earthquake Commission. In this role, he reported to the Board and Minister for EQC and led the settlement of claims and the transformation of EQC, in response to the Canterbury and Kaikoura Earthquakes, which culminated in the implementation of a world leading Public/Private Partnership for dealing with Natural Hazard Events.

Sid also works with on a range of initiatives such as the Sustainable Markets Initiative and the Insurance Development Forum to build Public Private partnerships that address the challenges of Climate Change and Natural Disasters. He is also Programme Director for ClimateWise which is part of the University of Cambridge Institute for Sustainability Leadership (CISL).

Ms. Lily Tung

Communication Consultant

Lily spent over 20 years building brands with international marketing communication agencies in Hong Kong, Singapore, and Beijing. She worked with global brands to strengthen their presence in local markets, as well as supporting local brands in expanding globally. Her most recent corporate role was as the Managing Director of OgilvyOne Beijing.

In 2016, Lily transitioned to the social sector, driven by a growing sense of social responsibility. She currently works with nonprofits and social businesses in the region on strategy and communication. She serves as a board member of Partners Asia, a United States nonprofit organization that supports community-led development projects in Southeast Asia.

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.

View SEADRIF Insurance Company Annual Report

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Latest news

Lao PDR Renews Parametric Flood Insurance from the SEADRIF Insurance Company
[Singapore, Thursday 1st Feb 2024] – The SEADRIF Insurance Company is delighted to announce the successful renewal of parametric insurance…
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SEADRIF Insurance Company welcomes Ellen Yong as Chief Operating and Financial Officer
Ellen brings a wealth of experience in the insurance and reinsurance industry to the SEADRIF Insurance Company. She is a…
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The SEADRIF Insurance Company participated at The United Nations Secretary General’s Special Meeting on Loss and Damage
[20 September 2023, 13:15-14:45, United Nations Headquarters, New York] United Nations Secretary General’s Special Meeting on Loss and Damage At…
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