SEADRIF makes $3m payout to support provinces in Lao PDR following Typhoon Yagi

SEADRIF Insurance Company has made a record total payout of US$3 million to support the provinces in Lao PDR impacted by the passage of Typhoon Yagi, which has been called Asia’s most powerful storm this year.

The extended flood impact triggered a second payout of $2.25 million on September 30, which is just a week after the initial payout of $750,000 was made to the Lao PDR Ministry of Finance.

Yagi, which made landfall on September 7, caused widespread damage across fifteen provinces of Lao PDR, including: Vientiane Capital, Borikhamxay, Vientiane, Xaysomboun, Khammuan, Oudomxay, Luang Namtha, Borkeo, Phongsaly, Luang Prabang, Huaphanh, Xayaboury, Xiengkhuang, Saravan and Sekong.

From what Reinsurance News understands, more than 185,000 people were affected by the typhoon.

The firm has stated that the funds will support Lao PDR’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.

“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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