Subramaniam and Varbanov to lead SEADRIF-SAFE taskforce as independent Co-Chairs

The Southeast Asia Disaster Risk Insurance Facility (SEADRIF) Insurance Company has appointed Dr. Ramesh Subramaniam and Lubomir Varbanov as independent Co-Chairs of the SEADRIF Sovereign Asset and Fiscal Empowerment (SEADRIF-SAFE) Task Force. The appointments signal the initiative’s progression toward developing financial protections for critical infrastructure in the region.

SEADRIF-SAFE Initiative Launched

Championed by the Philippines and Japan as 2026 co-chairs of ASEAN+3, SEADRIF-SAFE aims to integrate disaster insurance into infrastructure projects supported by bilateral and multilateral partners. The task force will develop institutional, legal, technical, and financial designs for presentation to ASEAN+3 Finance Ministers.

The Co-Chairs will provide strategic guidance as SAFE advances its work across Southeast Asia, with the goal of enabling faster government recovery from disasters by financially protecting essential assets like hospitals, schools, roads, and public buildings.

Key milestones for the initiative include the 2026 ASEAN+3 Finance Ministers and Deputies meetings and the World Bank Annual Meetings, culminating in a planned launch at the 2027 Asian Development Bank Annual Meeting.

Co-Chair Expertise

Dr. Subramaniam brings over 35 years of senior leadership experience, including a role as Director General at the Asian Development Bank. He currently serves as Global Director of Programmes and Strategy at the Coalition for Disaster Resilient Infrastructure (CDRI), and has focused on resilient infrastructure and regional cooperation across ASEAN.

Varbanov has over 30 years of experience in private credit and equity, insurance and reinsurance, blended finance, and public–private partnerships. He previously held senior roles at the International Finance Corporation and Swiss Re, and currently serves on Pentagreen Capital’s Green Investments Partnership Fund Investment Committee.

Dr. Subramaniam noted that the developing world experiences approximately $400 billion in infrastructure losses annually due to disasters, with Southeast Asian economies particularly vulnerable. He described SEADRIF’s objective as protecting livelihoods and saving lives, aligning with the CDRI’s mission.

Varbanov stated that SEADRIF is uniquely positioned to bridge public policy and private market capabilities, creating value by aligning perspectives from governments, development institutions, insurers, and investors. He expressed his commitment to translating policy objectives into scalable, market-backed solutions that strengthen financial resilience to disaster and climate risks.