Efficient and timely payout following major disasters supports immediate post-disaster emergency relief, helping to mitigate the negative impact of disasters on economic activities and future fiscal costs. SEADRIF offers parametric insurance products tailored to the needs of its member countries.
Effective financial risk management of public assets is key in protecting countries against climate and disaster risks. SEADRIF’s Public Asset Financial Protection program provides analytical, advisory, and financial services to support the development and implementation of comprehensive public asset financial protection strategies.
Supporting SEADRIF members to build the required capacity in their governments is a key step to creating sustainable and well executed financial protection strategies. SEADRIF is developing multi-year programs of targeted trainings, peer learning, and strategic knowledge exchange to equip relevant stakeholders with the knowledge and skill set to build financial resilience.
At the core of the SEADRIF’s parametric insurance component sits the Flood Risk Monitoring Tool, which provides near real-time assessments of the magnitude of a flood and its potential impact. The tool combines various data sets to determine the severity of the event in terms of how likely it is to occur.
How the tool can help
The Flood Risk Monitoring Tool serves as the basis for the first insurance product and enables the SEADRIF Insurance Company to calculate if a payout has been triggered. The tool also serves as a public good to provide governments with rapid, reliable, and relevant information to make more informed decisions before, during, and in the aftermath of a flood.