SEADRIF Insurance Company has announced a $750,000 payout to aid recovery efforts in Laos following the devastating impact of Typhoon Yagi, which affected eight provinces, including Vientiane Capital and Luangprabang. The disbursement was initiated on September 20, just five days after severe flooding struck Vientiane on September 15.
In collaboration with its calculation agent, SEADRIF is closely monitoring Mekong water levels to assess the need for further payouts. The funds will primarily support emergency relief, damage control, and the restoration of essential services in the affected areas. The expenditure will adhere to SEADRIF’s Environmental and Social Management System, which aligns with the World Bank’s Environmental and Social Framework.
Benedikt Signer, SEADRIF’s Executive Director, highlighted the importance of proactive disaster management and reaffirmed the organization’s commitment to enhancing financial resilience in its member countries. He also acknowledged ongoing partnerships with Laos’ Ministry of Finance, the World Bank, JBA, GallagherRe, and the governments of Japan and Singapore.
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