Pakistan, June 19 -- The Asian Development Bank (ADB) approved a US$ 700 million policy-based loan to support reforms aimed at strengthening insurance in Pakistan.

The program seeks to expand insurance coverage and reduce protection gaps and the loan would help stimulate private sector participation and support sustainable economic growth.

The Insurance Transformation Program will strengthen Pakistan's financial resilience by deepening insurance markets and expanding financial protection for households, businesses, farmers, and public finances against extreme weather events, disasters, and life-cycle risks, said a press release issued here on Thursday.

The reforms are expected to reduce financial vulnerabilities, support faster recover...