SEADRIF initiated the first payout on 20 September after reviewing provisional data on the number of people affected, five days after the observed peak of the flooding in the country’s capital Vientiane on 15 September, and on the same day the calculation agent confirmed the impact of the flooding.
SEADRIF and the calculation agent for the policy will monitor the event as updated data on Mekong water levels is becoming available, which could trigger an additional payout.
The funds will support Lao’s recovery efforts and help the government reach its most affected populations following the pre-approved contingency plan. This includes providing goods and services for post-disaster emergency relief, damage control, and the restoration of essential services. All spending will adhere to the SEADRIF environmental and social management system which was prepared in line with the World Bank’s Environmental and Social Framework.
Lao Ministry of Finance acting director general, department of state-owned enterprises and insurance supervision Phaitoun Thienglamay said, “The people of Laos have suffered greatly due to flooding triggered by storm Yagi’s heavy rains and strong winds. The rapid payout we received from SEADRIF, will help the government meet the relief and recovery needs of the most vulnerable people affected. This immediate support will enhance our damage control and recovery efforts. We appreciate the dedicated partnership and the high level of service provided by the SEADRIF team.”
SEADRIF Insurance Company executive director Benedikt Signer said, “This timely payout is a testament to the farsighted leadership of the government of Lao PDR to manage climate risks proactively. It demonstrates the value of pre-arranged financing through SEADRIF products to help mitigate the impact of severe events. We are committed to continuing to support all our members in strengthening financial resilience against climate shocks and disasters.”
Source: asiainsurancereview.com
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