KARACHI: Pakistan Microfinance Investment Company (PMIC) and Alfalah Insurance Company (AIC) have inked an accord to collaborate towards the development of need based innovative crop and livestock insurance products for subsistence farmers. The initiative would identify areas for development of yield based crop and livestock insurance products to be rolled out in Tharparkar, Nawabshah, Sanghar, Tando Allah Yar districts of Sindh and Gujranwala, Nankana Sahib, Narowal and Sheikhupura districts of Punjab. The aim is to mitigate risk and protect the livelihoods of the vulnerable small-scale farmers who often have to deal with a series of risks related to changing weather patterns, market fluctuations and disease outbreak, among others. PMIC, through its borrowing institutions, will work with a number of insurance companies to develop livestock and crop insurance products that are expected to serve as a safety net for thousands of subsistence farmers, benefitting millions of household members. Chief Executive Officer PMIC Yasir Ashfaq said, “PMIC, as a double bottom line Microfinance Sector Developer, is keen to promote development of several innovative products with various stakeholders, and index based crop and livestock micro-insurance is one such initiative. Insurance provides an effective risk mitigation tool to protect the livelihoods of vulnerable subsistence farmers and promotes investments in agriculture which enhances yields and accelerates financial inclusion.” Chief Executive Officer Alfalah Insurance Company Nasar us Samad Qureshi was of the view that Alfalah Insurance was actively involved in developing the micro-insurance segments for a number of years. Chief executives of four Sindh based Microfinance Institutions, Safco Support Foundation, AL-Mehran Rural Development Organization, Shah Sachal Sami Foundation and Thardeep Microfinance Foundation, were also present at the occasion. Published in Daily Times, October 5th 2017.