ISLAMABAD: Mobilink Bank has launched Climate Shock Insurance to safeguard small and medium-scale farmers and livestock owners against the increasing risks posed by climate change.
This initiative provides financial protection for losses incurred from unpredictable climate events, enabling farmers to sustain their livelihoods amid growing weather instability.
The insurance product is seamlessly integrated into the Bank’s existing Agri-Lending and Livestock offerings, facilitating easier access to coverage and faster payouts compared to traditional disaster relief methods. Through this initiative, Mobilink Bank reinforces its commitment to Environmental, Social, and Governance (ESG) principles, promoting resilience and sustainability within the agricultural sector.
Pakistan’s agriculture sector, crucial to its economy, faces significant threats from climate change, with forecasts indicating a potential 8% to 10% decline in productivity by 2040. Mobilink Bank’s Climate Shock Insurance aims to provide financial relief to farmers affected by extreme weather events, such as droughts, heavy rainfall, and plant diseases. The insurance covers essential crops like wheat and rice, as well as livestock against natural disasters and diseases.
Atta-ur-Rehman, Chief Business Officer at Mobilink Bank, emphasized the importance of this initiative, stating, “The climate crisis is no longer a distant threat — it is a pressing reality for our borrowers in the crop and livestock sector. We aim to offer them peace of mind by ensuring they are financially protected against climate-related disasters, thereby securing the survival of their livelihoods.”
He said that the Climate Shock Insurance aligns with the Bank’s mission to be a trusted financial partner for rural communities, reinforcing its commitment to sustainable development goals in regions most vulnerable to climate change.
