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SEADRIF releases $1.14m in parametric payouts for Lao floods
The second disbursement brings SEADRIF total payouts for the ongoing flooding to $2.28m, triggered as more than 375,000 people are affected.
SEADRIF Insurance Facility has released an additional US$1,137,500 in parametric payouts to the Lao People’s Democratic Republic government and the United Nations World Food Programme under disaster risk insurance policies, Reinsurance News reported.
The payout was disbursed within two business days after updated impact data showed escalating flooding in the region, and it was triggered under Lao PDR’s two-year parametric sovereign policy and WFP’s disaster resilience policy.
This follows an earlier payout of US$1,137,500 on 1 September, bringing total disbursements for the ongoing flooding to US$2,275,000, the outlet said.
Reinsurance News added that heavy rainfall and widespread flooding have affected more than 375,000 people across Lao PDR, and that SEADRIF’s #PEOPLE trigger releases financing as successive, pre-agreed thresholds for the number of people affected are reached, avoiding lengthy post-disaster loss verification.