News Reinsurance07 Jun 2024

SEADRIF Insurance selects Gallagher Re as its reinsurance broker and risk adviser

| 07 Jun 2024

SEADRIF Insurance Company has selected Gallagher Re, a leading reinsurance broking and advisory firm, to provide reinsurance broking and risk advisory services.

This appointment includes the placement of reinsurance in international markets and the provision of strategic advisory services for product improvements and business development.

Ms Ellen Yong, COO and CFO of SEADRIF Insurance, said, “As the sovereign catastrophe risk pool set up to serve the ASEAN + 3 region, we aim to be a centre of excellence for climate and disaster risk finance, enabling the efficient flow of international expertise, solutions, and capital to the region. SEADRIF works closely with governments to co-create solutions that help them build financial resilience amidst increasing frequency and severity of natural disasters. The optimisation of the first flood risk insurance product for Lao PDR is of utmost importance.”

First product

In its annual report released yesterday, SEADRIF Insurance says that its first product provided insurance to Lao PDR against flood risks and other shocks. It was a three-year policy from February 2021 to January 2024. The product consists of two components: the parametric component and the finite component. The finite component offers financing for costs resulting from events that do not trigger a payout under the strictly objective rules of the parametric component.

In August 2023, the company made two payouts totalling $1.5m directly to the Government of the Lao PDR to provide rapid support to the country after severe flooding. The payout was made just one business day after the Lao PDR Ministry of Finance submitted the notice of loss forms to trigger two payouts from the finite insurance component under the insurance policy.

SEADRIF Insurance says in its annual report released yesterday that it will focus on the four strategic priorities established in 2023 to sustain its growth momentum. The company remains committed to relentlessly executing these clear priorities to achieve continued success in 2024. The priorities are:

Strengthen Client Engagement

Deepen Lao PDR engagement

Launch Philippines operational engagement

Build foundation for work with other member countries

Support member countries to increase knowledge of Disaster Risk Financing and Insurance (DRFI).

Expand Product Offering

Renew Lao PDR Flood Policy and improve the model

Public asset insurance engagement

Rapidly respond to emerging opportunities with members

Exploratory work on new products following member countries’ demand

Build Company Capacity

Expand Board of Directors to five directors

Establish key roles within the company

Optimise value-add outsourced services

Efficient and effective operations and systems

Renewed growth model strategy

Cultivate Strategic Partnerships

Support and align with ASEAN+3 Initiative

Partner with humanitarian actors, development banks, industry institutions

Collaborate with regional risk pools

Source: SEADRIF Insurance

 

SEADRIF Insurance hopes to leverage Gallagher Re’s expertise and achieve its growth ambitions to help strengthen the financial resilience of member countries.

ASEAN+3 comprises Southeast Asian countries plus China, Japan, and South Korea. The ASEAN+3 governments came together to establish the Southeast Asia Disaster Risk Insurance Facility (SEADRIF) in 2018 to strengthen financial resilience to climate shocks and disasters for ASEAN+3 member countries through access to policy advisories, knowledge, technical and financial solutions.

SEADRIF Insurance, incorporated in Singapore in 2019, is licensed as a general insurance company to offer insurance solutions to member countries. Owned by SEADRIF member countries through the SEADRIF Trust, it is regulated by the Monetary Authority of Singapore. SEADRIF Insurance closely collaborates with member countries to develop products that help governments better manage costs when natural disasters hit.

 

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