SEADRIF Insurance makes US$750k payout to support Lao PDR’s recovery efforts following Typhoon Yagi

SEADRIF Insurance Company has made a payout of US$750,000 to support the eight provinces in Lao PDR devastated by the passage of Typhoon Yagi, which has been called Asia’s most powerful storm this year.

According to the announcement, the funds will aid Lao PDR’s recovery efforts and help the government reach its most affected populations following the pre-approved contingency plan.

Making landfall on September 7th, Typhoon Yagi caused widespread flood-related damage to northern parts of the country.

On Friday 20th September, SEADRIF initiated a first payout of US$750,000, after reviewing provisional data on the number of people affected.

This was just five days after the observed peak of the flooding in Vientiane, the nation’s capital, and on the same day that the calculation agent verified the impact of the flooding, according to the insurer.

SEADRIF highlighted that the immediate arrangement of an initial payout underscores its steadfast commitment to supporting member governments and communities in times of crisis.

Phaitoun Thienglamay, Acting Director General, Department of State-Owned Enterprises and Insurance Supervision, Ministry of Finance, LAO PDR, stated: “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,” Thienglamay added.

As new data about Mekong water levels becomes accessible, the company and the policy’s calculation agent will continue to monitor the event, as this may result in a subsequent payout.

“The SEADRIF Insurance Company expresses its deepest condolences to the people and Government of Lao PDR for the loss of lives, livelihoods, and properties. SEADRIF also extends its sympathies to the governments of Viet Nam, Myanmar, and the Philippines for their losses, and other countries affected in the region by this event,” SEADRIF stated.

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