Mobilink Bank has launched Climate Shock Insurance to protect small and medium-scale farmers and livestock owners from the escalating risks of climate change.
This innovative insurance product provides financial security to farmers facing losses due to unpredictable climate events, such as droughts, heavy rainfall, and plant diseases. By integrating Climate Shock Insurance into its existing Agri-Lending and Livestock offerings, Mobilink Bank aims to streamline access to coverage and accelerate payout times.
This initiative aligns with Mobilink Bank’s commitment to Environmental, Social, and Governance (ESG) principles, promoting resilience and sustainability in the agricultural sector. Pakistan’s agri-sector, which employs over 40% of the country’s labor force, faces significant threats from climate change. Forecasts predict an 8-10% decline in productivity by 2040.
Atta-ur-Rehman, Chief Business Officer at Mobilink Bank, emphasized the importance of Climate Shock Insurance in providing financial relief to farmers affected by extreme weather events. He noted that the insurance covers major crops like wheat and rice, as well as livestock, ensuring their survival during challenging times.
Mobilink Bank’s partnership with leading insurance providers allows it to offer reliable and climate-specific insurance products to its customers. This initiative demonstrates the bank’s commitment to supporting sustainable development in regions most vulnerable to climate change.
By introducing Climate Shock Insurance, Mobilink Bank is taking a proactive approach to addressing the pressing needs of Pakistan’s agriculture sector and empowering farmers to navigate the challenges posed by climate change.
