In a recent development, Habib Bank Limited, Bank of Punjab (BoP), and TPL Insurance have signed a contract that would help them in the pilot testing process of the Area Yield Index Insurance (AYII) product. The AYII product is developed after a joint collaboration between the Pakistan Agriculture Coalition (PAC) along with PULA Advisors and SCOR.
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The agreement was signed at the head office of HBL and the Bank of Punjab. Kashif Umar Thanvi, Head of Rural Banking at HBL signed the agreement on behalf of HBL. Whereas, Asif Riaz, Group Head of Retail and Priority Sectors Lending at BoP signed on behalf of Bank of Punjab. CEO of TPL Insurance, Muhammad Aminuddin, signed the agreement on behalf of TPL Insurance.
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According to the agreement, the project would initially focus on the yield of wheat and rice crops in the Punjab regions of Pakpattan, Gujranwala, Hafizabad, and Sheikhupura. There would be a pre-set yield against which the crop yield will be insured. If the average yield would go below the 70 percent threshold mark then the insurance can be claimed.
The c-level people from the three organizations expressed their delight at the occasion to be part of the landmark initiative. They believe that this step can transform the entire agricultural landscape of Pakistan.
“This will encourage the farmers to take broader steps by adopting latest farming techniques on the back of flexible and enhanced risk coverage, thereby ensuring financial inclusion and sustainability.”
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