Laos Archives - InsuranceAsia News https://insuranceasianews.com/country/laos/ Thu, 04 Sep 2025 02:43:19 +0000 en-US hourly 1 https://wordpress.org/?v=6.8.2 Typhoon Wipha, flooding unlocks US$2m Seadrif parametric payout in Laos https://insuranceasianews.com/typhoon-wipha-flooding-unlocks-us2m-seadrif-parametric-payout-in-laos/ Thu, 04 Sep 2025 02:43:19 +0000 https://insuranceasianews.com/?p=199158 Payout was made under the new sovereign parametric insurance policy issued by the Asian risk pool in May, which features an annual aggregate trigger.

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Seadrif Insurance made a US$2 million payout to Laos' Ministry of Finance on Monday following reports that over 300,000 people were affected by multiple disaster events between May 2 and August 4.
Thi...

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]]> Hanoi flooding from Typhoon Kajiki expected to result in limited commercial claims https://insuranceasianews.com/hanoi-flooding-from-typhoon-kajiki-expected-to-result-in-limited-commercial-claims/ Wed, 27 Aug 2025 09:12:07 +0000 https://insuranceasianews.com/?p=198423 While the windstorm has caused significant damage, it did not hit the industrial areas, unlike Typhoon Yagi last year.

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Insured losses from Typhoon Kajiki, which made landfall in Vietnam on Monday, are expected to be less than those from Typhoon Yagi in September last year.
"Unlike Yagi, Kajiki did not hit the industri...

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]]> Seadrif, Gallagher Re pioneer multi-peril parametric sovereign disaster risk policy for Laos https://insuranceasianews.com/gallagher-re-structures-places-multi-peril-pioneering-parametric-policy-for-seadrif-laos/ Fri, 18 Jul 2025 00:00:39 +0000 https://insuranceasianews.com/?p=195405 The two-year cover, first to use a government-reported impact-based trigger, expands the original flood-only placement to include typhoon, earthquake, and landslide.

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The Government of Lao PDR has signed a new two-year, multi-peril parametric sovereign disaster risk insurance policy with Seadrif Insurance, structured and placed by Gallagher Re.
The policy, which ex...

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]]> APAC records nat cat insured losses at US$8bn in 2024, the lowest since 2012: Gallagher Re https://insuranceasianews.com/apac-records-nat-cat-insured-losses-at-us8bn-in-2024-the-lowest-since-2012-gallagher-re/ Wed, 22 Jan 2025 11:51:20 +0000 https://insuranceasianews.com/?p=174192 Three events - China seasonal floods, Typhoon Yagi, and Japan’s Noto Peninsula Earthquake - drove 68% of economic losses, or US$88bn, in the region.

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The Asia Pacific (APAC) region in 2024 endured one of its most benign years for nat cat-related losses in more than a decade, with total economic losses not exceeding US$100 billion for the fourth con...

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]]> Seadrif’s Typhoon Yagi pay out in Laos tops US$3m https://insuranceasianews.com/seadrifs-typhoon-yagi-pay-out-in-laos-tops-us3-5m/ Tue, 01 Oct 2024 15:28:09 +0000 https://insuranceasianews.com/?p=163927 The extended flood impact triggered a second parametric payout of US$2.25 million on September 30, just a week after the initial pay out of US$750,000 was made to the ministry of finance.

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Seadrif Insurance made a record total payout of US$3 million following the Typhoon Yagi, which caused severe flooding in Lao PDR, a company statement said.
The extended flood impact triggered a second...

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]]> Typhoon Yagi triggers Seadrif parametric pay out in Laos https://insuranceasianews.com/seadrif-pays-out-us750000-from-typhoon-yagi-destruction-in-laos/ Tue, 24 Sep 2024 22:00:00 +0000 https://insuranceasianews.com/?p=163379 The Asean risk pool initiatied the US$750,000 payout on September 20, which was five days after the peak of the flooding in the country's capital Vientiane.

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Seadrif Insurance has made a payout of US$750,000 following Typhoon Yagi's destruction across eight provinces in Lao PDR including Vientiane Capital, Phongsaly, Luangnamtha, Oudomxay, Bokeo, Luangprab...

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]]> Seadrif FY2023 net profit up 84% on deferred income https://insuranceasianews.com/seadrif-insurance-fy2023-net-profit-up-84-on-deferred-income/ Thu, 06 Jun 2024 23:00:56 +0000 https://insuranceasianews.com/?p=155371 The regional catastrophe risk platform saw loss from its insurance operations widen in 2023, but its profit was lifted by surplus grants from the MAS and the World Bank.

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Seadrif Insurance, the regional catastrophe risk platform established by Asean member states, saw 2023 full year net profit rose 84% as it was bolstered by deferred income in the form of grant monies ...

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]]> Lao renews parametric flood cover from Seadrif Insurance with lower thresholds https://insuranceasianews.com/lao-renewas-parametric-flood-cover-with-seadrif-insurance/ Tue, 06 Feb 2024 23:12:11 +0000 https://insuranceasianews.com/?p=145753 The parametric policy, which was first purchased by the government in 2021, as been expanded from 2 levels to 4 levels and thresholds lowered, providing flexibility to address varying risk scenarios, the Asean insurance platform said.

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Seadrif Insurance, a regional catastrophe risk facility established by Asean member states, has renewed the parametric insurance  to cover the flooding needs of Laos, according to a company statement....

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]]> MSIG’s Laos arm to merge with local carrier Sokxay Insurance https://insuranceasianews.com/msig-laos-arm-receives-regulatory-nod-to-merge-with-local-insurer-sokxay-insurance/ Mon, 19 Jun 2023 18:30:44 +0000 https://insuranceasianews.com/?p=127802 The Japanese insurance group will own a 35% stake in the business, with the domestic insurer owning the remainder.

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Japan's MS&AD Group-owned Mitsui Sumitomo Insurance Group (MSIG) has announced a merger of its Laos arm with domestic carrier Sokxay Insurance Company (SIC), after it received regulatory approvals...

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]]> Crawford partners with Vietnam’s NorthStar https://insuranceasianews.com/crawford-partners-with-vietnams-northstar/ Wed, 12 Apr 2023 04:06:28 +0000 https://insuranceasianews.com/?p=122644 The tie-up between the loss adjusters is designed to strengthen service and improve customer experience across the region of Cambodia, Laos, Myanmar and Vietnam (CLMV).

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Crawford has partnered with Vietnam’s NorthStar Adjuster Joint Stock Company which, as a result, will now become a Crawford network partner.
Crawford will now be represented in Vietnam by NorthStar wi...

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