TPL Insurance in collaboration with partnering organizations arranged payout ceremony for the farmers under their first ever Pilot Project of Area Yield Index Insurance. An Area Yield Index Insurance (AYII) is an insurance cover that insures farmers against a pre-set historical benchmark. The perils covered in this product are windstorm, frost, excessive rainfall, heat wave, hail, flood, drought, pest and diseases.
TPL Insurance launched this Pilot in selected districts of Punjab Province against wheat & rice crop with the help of Pakistan Agricultural Coalition (PAC) along with Global partners SCOR & Pula Advisors and banking partners, Habib Bank Limited (HBL) & The Bank of Punjab (BOP).
The event was held on 20th July, 2022 where payout claim cheques were distributed among the eligible farmers. A large number of farmers, representatives from the insurance & banking industry and Agri corporates attended the event.
Present at the ceremony from TPL Insurance (TPLI) were Mr. Muhammad Aminuddin – CEO, Muhammad Iqbal – Head of ADC and Akif Zia Malik – HOD Business Solutions. BOP was represented by Mr. Asif Riaz – Group Head Retail & Priority Sectors Lending and Mr. Sarfraz Hussain – Head of Agri Credit Division. HBL representatives included Mr. Kashif Rehman – Senior Regional Chief, while Mr. Arif Nadeem – CEO and Mr. Kazim Saeed – Policy & Strategy Expert came from PAC. Lastly, present at the ceremony from PULA Advisors was Mr. Hasan Haider -Head of Operation, Pakistan.
Talking about the initiative, CEO TPLI, Muhammad Aminuddin said, “At TPL Insurance, we aim to increase awareness and penetration of insurance and remain at the forefront of insurance innovation. Launching technological and innovative Agri products, such as Yield-based crop insurance and Livestock insurance is a collaboration which will enable TPL Insurance to introduce more innovative and tech-driven products. TPL Insurance intends to continue developing its digital assets and bring efficiencies through the digitization of business processes.”
About TPL Insurance
TPL Insurance is the first insurance company in Pakistan to sell general insurance products directly to the consumer. Since its launch in 2005, the company has grown from strength-to-strength and is now the leading InsurTech player in Pakistan. TPL Insurance specializes in tech-driven innovative solutions and digitally integrated systems to provide hassle-free customer experiences and round-the-clock services to 300K+ customers. As an AA rated insurer, TPL Insurance is committed to the development of commercial and personal line portfolios by exploring new channels, expanding existing relationships, and maintaining higher risk retentions.