SEADRIF allocates $750k for Lao flood relief

The payout was initiated on 20 September, just five days after severe flooding.

SEADRIF Insurance Company has made a payout of $750,000 following typhoon Yagi, which hit eight provinces in Lao PDR, including Vientiane Capital, Phongsaly, Luangnamtha, Oudomxay, Bokeo, Luangprabang, Xiengkhuang, and Xayabouri.

The payout was initiated on 20 September, just five days after severe flooding in Vientiane on 15 September. 

The company, in coordination with its calculation agent, is monitoring Mekong water levels to determine if additional payouts will be needed.

The payout will support Lao PDR's recovery efforts, focusing on emergency relief, damage control, and restoring essential services. The spending will follow SEADRIF’s Environmental and Social Management System, which is aligned with the World Bank's Environmental and Social Framework.

SEADRIF’s Executive Director, Benedikt Signer, emphasised the importance of proactive disaster management and SEADRIF’s commitment to supporting financial resilience in member countries. He also noted the ongoing collaboration with Lao PDR’s Ministry of Finance, the World Bank, JBA, GallagherRe, and the support of the governments of Japan and Singapore.