Southeast Asia Disaster Risk Insurance Facility

The main four parametric natural disaster insurance risk pools have committed to a unique collaboration, which will see them explore the creation of a joint risk finance and reinsurance platform.

The SEADRIF Insurance Company has made a parametric payout of $750,000 to Lao PDR to support the country’s recovery efforts following the passage of Typhoon Yagi, which caused severe flooding.

The Government of Viet Nam, through its Ministry of Finance, has signed a Memorandum of Understanding (MoU) to become the eighth member of the Southeast Asia Disaster Risk Insurance Facility (SEADRIF).

The World Bank is working alongside the governments of Singapore and Japan to establish a disaster insurance pool to cover infrastructure risks for Asian countries, with the facility set to provide coverage from later this year.

Japan is set to back and help fund the launch of the Southeast Asia Disaster Risk Insurance Facility, a parametric disaster insurance pool that will be established to serve ASEAN nations including Laos, Myanmar and Cambodia to begin with.