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Monday, July 15, 2024

HBL teams up with AICL to provide dairy, livestock insurance

HBL is the leading farmer financing provider in the country and is committed to enhancing financial inclusion in rural Pakistan.

HBL and Adamjee Insurance Company Limited (AICL) have collaborated for providing livestock insurance to clients. The insurance arrangement will provide coverage of animal mortality in addition to covering the accidental death of the client.

This partnership brings a unique Insurance product to the industry i.e., the “Working Capital Livestock Insurance Scheme”. This product further strengthens the HBL agriculture portfolio by mitigating significant risks and promoting greater financial empowerment for the dairy and livestock farming sector of Pakistan.

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Commenting on the ceremony, Habib Shah, Acting Head Agriculture Banking – HBL, said, “Pakistan is the fourth largest milk producing country in the world. The agreement with AICL will facilitate in improvement of the dairy and livestock ecosystem through the provision of insurance protection to dairy farmers towards animal mortality. HBL is the leading farmer financing provider in the country and is committed to enhancing financial inclusion in rural Pakistan through such partnerships.”

Commenting on the ceremony, Syed Ahmer Shoaib, Deputy Executive Director Commercial – AICL, said, “We believe that this partnership will benefit Pakistan’s dairy farmers by enhancing their protection. The integration of Personal Accident Coverage of farmers in the Livestock Insurance is a benefitting value addition that actively enhances the agricultural landscape of Pakistan while adding to the stability and sustainability of farmers.”

HBL commits to Pakistan’s farming community

Important to note that HBL has often shown commitment to local farmers by either launching initiatives or taking part in government programs aimed at the financial strengthening of Pakistan’s farming community.

In June, HBL partnered up with FrieslandCampina Engro Pakistan Limited (FCEPL) and Sindh Enterprise Development Fund (SEDF) to provide easily accessible, subsidized financing to dairy farmers in Pakistan with a long-term commitment of five years.

Read more: HBL partners with GROWTECH to support farmers in Pakistan

Dairy farmers require financial support to upscale their operations, enhance milk yield and improve herd size. Committed to nourishing Pakistan with better nutrition and better living for farmers, HBL aims to provide a long-term sustainable financing solution for dairy farmers.