Daily Times

ISLAMABAD: Pakistan launched its first ever disaster risk insurance framework which aims at providing low-income households with accessible and affordable insurance.

A press release stated that the framework was prepared by National Disaster Management Authority (NDMA) in collaboration with Climate & Development Knowledge Network (CDKN), LEAD Pakistan and MCII.

It was launched during the National Workshop for Disaster Risk Insurance Framework held in Islamabad.

The workshop was attended by NDMA Chairman Major General Asghar Nawaz, Climate Change Ministry Secretary Syed Abu Ahmad Akif, Pakistan LEAD CEO Ali Tauqeer Sheikh along with representatives of key Federal departments, Provincial, Regional departments, Embassies, UN Agencies and personalities from the Private and Insurance Sector.

The proposed framework is based on the findings of a well-considered demand Study conducted in five districts mainly Tharparkar, Poonch, Charsadda, Rawalpindi and Ziarat and Azad Jammu Kashmir.

Speaking during the event, Ministry of Climate Change Secretary Syed Abu Ahmad Akif said that the Government of Pakistan is committed to protecting the vulnerable and marginalized communities from economic losses due to natural calamities and man-made disasters.

‘The main purpose for developing such a framework is to set up a transparent mechanism with streamlined distribution channels and adequate funds, this will ensure that the money reaches the affected population in the shortest possible time’ he added.

NDMA Chairman Major General Asghar Nawaz said that it is a unique and innovative initiative to mitigate impacts on vulnerable communities.

‘This pioneering initiative is a significant contribution towards strengthening Disaster Risk Management (DRM) in the Country’ he added.

He said that the outputs from this study would provide a solid foundation for various stakeholders to move towards implementing such frameworks in vulnerable areas of the Country.

CEO LEAD Pakistan and Regional Director CDKN said that disaster risk insurance mechanism should be alignned with the global climate and disaster risk management regimes including Paris climate agreements and Sendai framework.

‘Insurance against natural disasters support national economies and its makes them more resilient against weather shocks, it’s time for Pakistan to take its chance now to make the next step and start the implementation of disaster risk insurance framework’ he added.