Southeast Asia may soon have an insurance programme for rebuilding damaged infrastructure following natural catastrophes.
This was announced by the Philippine Department of Finance (DOF) after the 8th Technical Meeting of the Southeast Asia Disaster Risk Insurance Facility (SEADRIF) held in Kyoto, Japan, in October.
The DOF said member countries at the meeting agreed to explore the creation of the SEA|DRIF Sovereign Asset and Fiscal Empowerment (SEADRIF-SAFE) facility. The initiative, spearheaded by the Philippines, aims to embed disaster insurance directly into development projects financed by bilateral and multilateral partners.
The programme seeks to ensure that critical assets such as hospitals, schools, and roads are financially protected and can continue operating in the aftermath of disasters.
“This also means that when a disaster strikes, governments can begin rebuilding immediately since funds are already available. By pooling risks at the regional level, member countries can reduce insurance costs, expand coverage, and accelerate recovery efforts, making communities safer and more resilient,” the DOF said in a statement.
Commenting on the announcement, Philippine Finance Secretary Ralph Recto said: “Disasters are not just national problems—they are regional challenges that demand global solutions. Through SEADRIF-SAFE, which the Philippines champions, we are taking a proactive and united step to protect what truly matters: our people and the public assets they rely on.”
“This is not just about preparing for disasters. It’s a way to ensure that our economy and our future remain strong—not only for the Philippines, but for the whole of Southeast Asia,” Mr Recto added in Tagalog.