Pakistan, June 18 -- The Asian Development Bank (ADB) has approved a $700 million policy-based loan to support reforms aimed at strengthening Pakistan's insurance sector and expanding financial protection across the country.

In an official statement, the Manila-based lender said the programme, titled the Insurance Transformation Programme, is designed to reduce protection gaps, expand insurance coverage, and encourage greater participation from the private sector. The initiative is also expected to support sustainable economic growth by improving financial resilience.

The ADB said the reforms will help transform Pakistan's insurance industry from a traditional, rules-based system into a modern, risk-based and market-oriented framework. ...