ISLAMABAD: The Asian Development Bank (ADB) has sanctioned a $700 million loan to assist Pakistan in reforming its insurance sector. This significant financial intervention aims to transform the nation’s insurance framework, shifting from an outdated rules-based system to an advanced market-oriented model.

According to Radio Pakistan, ADB’s initiative is designed to bolster financial protection for both households and businesses in Pakistan. Emma Fan, ADB Country Director for Pakistan, emphasized that the reform program aims to develop a more competitive, inclusive, and resilient insurance market. The loan is expected to facilitate comprehensive changes in the sector, driving growth and improving economic stability.