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SEADRIF pays $1.14 million after Lao flooding triggers parametric cover
Payouts were verified by Gallagher Re and delivered within five business days of the late June rainfall, supporting WFP response operations.
The Southeast Asia Disaster Risk Insurance Facility, known as SEADRIF Insurance Company, has paid USD 1.14 million after heavy rainfall and widespread flooding in Lao PDR triggered parametric insurance policies for the Government of Lao PDR and the United Nations World Food Programme (WFP). Artemis reports the payouts were linked to Lao PDR’s two-year parametric sovereign policy and WFP’s 2026 disaster resilience policy.
Artemis said more than 260,000 people were impacted across Lao PDR, surpassing a 200,000-person threshold reported by the Lao PDR National Disaster Management Office. The insurer said reinsurance broker Gallagher Re verified the figures as the calculation agent, and also structured and placed the Lao PDR parametric reinsurance programme on SEADRIF’s behalf.
After verification, SEADRIF paid USD 1 million to the Government of Lao PDR under an annual coverage of USD 8 million, and USD 137,500 to WFP under its USD 1.1 million policy. Artemis added that the payouts were made in five business days following the rainfall and flooding that began in late June, with the funds intended to provide pre-arranged financing for timely support.
Artemis also noted that Lao PDR’s two-year parametric policy was established on May 3, 2025, providing up to USD 16 million in aggregate parametric protection. SEADRIF said the payout trigger is based on actual, reported loss information aggregated at the national level, and that the WFP payouts are deployed in coordination with the government through a jointly agreed response plan.