SEADRIF forms seven new partnerships in 2024 to boost disaster cover

The facility disbursed a $3m rapid payout to Lao PDR within six days following floods.

Southeast Asia Disaster Risk Insurance Facility (SEADRIF) has released its 2024 annual report, which showed that the insurer formed seven new partnerships in 2024, including work with the Philippines on public asset protection and disaster risk finance.

The “Steady Ground, Secure Futures – Disaster Risk Insurance for a Stronger Southeast Asia,” report also detailed operational and governance milestones, as well as financial results.

The facility disbursed a $3m rapid payout to Lao PDR within six days following floods from Typhoon Yagi, supporting recovery efforts for more than 350,000 people. 

Governance reforms included formally establishing the SEADRIF Initiative and expanding the SEADRIF Insurance Company board from three to five directors.

Operating expenses fell by more than 25% due to stronger internal capacity and streamlined operations, whil partnerships and visibility increased.

The ASEAN+3-backed platform, supported by the governments of Japan and Singapore with technical input from the World Bank, continues to provide financial and advisory services to help member countries prepare for and respond to disasters and climate risks.