Insurer Southeast Asia Disaster Risk Fund (SEADRIF) has appointed Dr. Ramesh Subramaniam and Lubomir Varbanov as independent co-chairs to lead the SEADRIF Sovereign Assets and Fiscal Empowerment (SEADRIF-SAFE) Working Group.
Following the initiative of the Philippines and Japan, which serve as co-chairs of ASEAN+3 in 2026, the State Administration of Foreign Exchange will integrate disaster insurance directly into infrastructure projects supported by bilateral and multilateral partners. It will develop a complete institutional, legal, technical and financial design and submit it to the ASEAN+3 Finance Ministers.
With complementary expertise covering infrastructure policy, disaster risk financing, insurance and public sector investment, the working group co-chairs will provide strategic guidance as SAFE advances its work in Southeast Asia.
The main purpose of the initiative is to ensure that hospitals, schools, roads and public buildings are financially protected, helping governments recover faster from disasters.
These appointments reflect SAFE’s evolution from policy decision-making through the feasibility and design stages. Some important milestones include the 2026 ASEAN+3 Finance Ministers and Deputy Ministers’ Meeting and the World Bank Annual Meeting, launching at the 2027 Asian Development Bank Annual Meeting.
Dr. Subramaniam has over 35 years of senior leadership experience, including as Director General of the Asian Development Bank. In the past, he has promoted resilient, inclusive infrastructure and regional cooperation in ASEAN and beyond. He currently serves as Director of Global Programs and Strategy for the Coalition for Disaster Resilient Infrastructure (CDRI).
Varbanov, meanwhile, has more than 30 years of experience in private credit and equity, insurance and reinsurance, blended finance, and public-private partnerships, having held senior positions at the International Finance Corporation and Swiss Re. He currently serves on the investment committee of Pentagreen Capital’s Green Investment Partners Fund.
Dr Subramaniam commented: “Developing countries suffer approximately US$400 billion in infrastructure losses due to disasters every year. Some Southeast Asian economies are on the so-called ‘Ring of Fire’ and face considerable risks. SEADRIF has what I call a lofty goal of saving lives while protecting livelihoods, just like the Disaster Resilient Infrastructure Alliance.
“The establishment of robust insurance arrangements for infrastructure assets will enhance critical pre-arranged financing solutions. Against this backdrop, I am pleased that ASEAN+3 has agreed to establish SEADRIF-SAFE, which will provide impetus for strengthening insurance-based risk transfer solutions.”
Varbanov said: “SEADRIF is uniquely positioned to bridge public policy priorities and private market capabilities in a sound and implementable way when it comes to public asset sustainability in ASEAN. My experience working closely with governments, development agencies, (re)insurers and global investors shows that when these perspectives are aligned from the outset, tremendous value is created. I look forward to supporting SEADRIF-SAFE Translating policy objectives into scalable, market-supported solutions to enhance financial resilience to disaster and climate risks”.