The Southeast Asia Disaster Risk Insurance Facility (SEADRIF) marked a year of faster disaster relief, expanded governance, and increased efficiency, according to its 2024 annual report, “Steady Ground, Secure Futures – Disaster Risk Insurance for a Stronger Southeast Asia.”
The facility disbursed $3 million to Laos within six days after Typhoon Yagi caused severe flooding, aiding recovery for more than 350,000 people. SEADRIF said the rapid payout underscored the insurance program’s reliability in delivering timely post-disaster financial support.
“The integrated report reflects how far we have come in working together to build this necessary institution in the face of increasing disaster and climate risks,” said Yoshihiro Kawai, secretary general of the ASEAN+3 Disaster Risk Finance Initiative and board chair of SEADRIF Insurance Company.
During the year, SEADRIF formally established its governance structure, setting what it described as a stronger strategic direction and operational framework. The board of the SEADRIF Insurance Company, incorporated in Singapore, expanded from three to five directors to strengthen independent oversight.
The organization also reported a more than 25% reduction in operating expenses through streamlined operations and stronger internal capacity. Despite the cost savings, SEADRIF increased its regional and global presence, forming seven new partnerships. These included work with the Philippines on public asset protection and disaster risk finance.
Founded and owned by ASEAN+3 countries, with financial backing from Japan and Singapore and technical support from the World Bank, SEADRIF serves as a regional platform offering advisory and financial services to help governments prepare for and respond to climate and disaster risks.
Its insurance arm develops products to help member nations manage the costs of disasters more effectively. Both the SEADRIF Initiative and the SEADRIF Insurance Company operate jointly to support the organization’s vision of a more resilient Southeast Asia.
Kawai acknowledged ongoing challenges but expressed optimism about the progress made in 2024. “There is still much to do, but the foundation is strong, and our purpose is clear,” he said. “I am encouraged by the experiences and relationships we’ve built in 2024 and look forward to making even greater progress in the coming year.”
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