The Southeast Asia Disaster Risk Facility (SEADRIF) Insurance Company has appointed Dr. Ramesh Subramaniam and Lubomir Varbanov as independent Co-Chairs to lead the SEADRIF Sovereign Asset and Fiscal Empowerment (SEADRIF-SAFE) Task Force.
Championed by the Philippines and Japan as 2026 co-chairs of ASEAN+3, SAFE will integrate disaster insurance directly into infrastructure projects supported by bilateral and multilateral partners. It will develop the full institutional, legal, technical, and financial designs to be presented to ASEAN+3 Finance Ministers.
With complementary expertise spanning infrastructure policy, disaster risk financing, insurance, and public sector investment, the Task Force Co-Chairs will provide strategic guidance as SAFE advances its work across Southeast Asia.
The main aim of the initiative is to help governments recover from disasters faster by ensuring that hospitals, schools, roads, and public buildings are financially protected.
The appointments reflect SAFE’s evolution from a policy decision into the feasibility and design phase. Some key milestones include the 2026 ASEAN+3 Finance Ministers and Deputies meetings and the World Bank Annual Meetings, towards a launch at the 2027 Asian Development Bank Annual Meeting.
Dr. Subramaniam has over 35 years of senior leadership track record, including as Director General at the Asian Development Bank. In the past, he has advanced resilient, inclusive infrastructure, and regional cooperation across ASEAN and beyond. He currently serves as Global Director of Programmes and Strategy at the Coalition for Disaster Resilient Infrastructure (CDRI).
Meanwhile, Varbanov has over 30 years of experience across private credit and equity, insurance and reinsurance, blended finance, and public–private partnerships, having held senior roles at the International Finance Corporation and Swiss Re. He currently serves on Pentagreen Capital’s Green Investments Partnership Fund Investment Committee.
Dr. Subramaniam commented, “The developing world suffers about $400 billion in infrastructure losses from disasters every year. Several Southeast Asian economies are on the so-called ‘ring of fire’ and face considerable risks. SEADRIF has, what I would call, a noble objective of protecting livelihoods while saving lives, just like the Coalition of Disaster Resilient Infrastructure.
“Having robust insurance arrangements for infrastructure assets would augment critical pre-arranged financing solutions. In this context, I am so delighted that ASEAN+3 have agreed to set up SEADRIF-SAFE, which will build momentum for enhancing insurance-based risk transfer solutions.”
Varbanov said, “When it comes to public asset sustainability in ASEAN, SEADRIF is uniquely positioned to bridge public policy priorities and private market capabilities in a way that is both sound and implementable. My experience working closely with governments, development institutions, (re)insurers, and global investors has shown how much value is created when these perspectives are aligned from the outset. I look forward to supporting SEADRIF-SAFE in translating policy objectives into scalable, market-backed solutions that strengthen financial resilience to disaster and climate risks.”
