SEADRIF makes $750k parametric payout to Laos for Typhoon Yagi driven flooding

The SEADRIF Insurance Company has made a parametric payout of $750,000 to Lao PDR to support the country’s recovery efforts following the passage of Typhoon Yagi, which caused severe flooding.

Typhoon Yagi has reportedly affected eight provinces in Lao PDR, including Vientiane Capital, Phongsaly, Luangnamtha, Oudomxay, Bokeo, Luangprabang, Xiengkhuang, and Xayabouri.

According to SEADRIF, it initiated this first payout of $750,000 on Friday, 20th September, after reviewing provisional data on the number of people affected.

The firm 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.

Meanwhile, SEADRIF and the calculation agent for the policy are currently monitoring the event as updated data on Mekong water levels becomes available, which could trigger an additional payout.

“The immediate arrangement of an initial payout underscores SEADRIF’s steadfast commitment to supporting member governments and communities in times of crisis,” the firm said.

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.”