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SEADRIF pays $1.14m after Lao PDR flooding triggers parametric cover
The payout was split between the Government of Lao PDR, $1.0 million under an $8 million annual coverage, and WFP, $137,500 under a $1.1 million policy.
SEADRIF Insurance Company has paid out a total of US$1,137,500 following severe flooding in Lao PDR that triggered both the country’s two-year parametric sovereign insurance policy and the disaster resilience policy used by the UN World Food Programme, Reinsurance News reports.
The flooding, driven by intense southwest monsoon activity and low-pressure systems, impacted more than 260,000 people nationwide, pushing the affected-citizens figure above a payout threshold verified by Lao PDR’s National Disaster Management Office. Reinsurance broker Gallagher Re served as the calculation agent to verify the trigger and structured and placed the Lao PDR parametric reinsurance programme on SEADRIF’s behalf.
After verification, SEADRIF paid US$1 million to the Government of Lao PDR under its US$8 million annual coverage, and US$137,500 to WFP under its US$1.1 million policy. SEADRIF renewed its sovereign policy with Lao PDR in 2025, and WFP adopted a matching trigger structure in 2026 to align government and humanitarian coverage arrangements in ASEAN.
SEADRIF CEO Benedikt Signer said the payouts reflect the policies’ purpose of delivering timely support through pre arranged financing with triggers linked to actual disaster impacts, adding that SEADRIF will coordinate with the Lao PDR government, WFP, and partners as the situation develops. The Lao PDR sovereign policy provides up to USD 16 million in multi peril protection over two years.