The SEADRIF Insurance Company and the United Nations World Food Programme (WFP) have launched a parametric insurance policy in Lao PDR that will provide pre-arranged financing of up to US$1.1 million, to enable timely support to communities impacted by extreme weather and other natural hazards.
As per the announcement, the parametric policy complements the government’s existing sovereign policy, which provides financial protection for national disaster response efforts.
Climate shocks across Lao PDR are increasing both the frequency and severity of floods, droughts and storms.
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