Insurance Transformation Program (ADB-58504-001)

Regions
  • South Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Pakistan
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Asian Development Bank (ADB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
C
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Borrower
Government of Pakistan - Ministry of Finance
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
  • Law and Government
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 500.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 540.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Other Related Projects
Primary Source

Original disclosure @ ADB website

Updated in EWS Feb 8, 2026

Disclosed by Bank Aug 5, 2025

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the objective of the proposed Insurance Sector Development Program (ISDP) is to increase insurance penetration across Pakistan and to reduce the social protection gap by strengthening the insurance industry's capacity, resilience, and efficiency. The proposed ISDP of $540 million to the Government of Pakistan includes (i) a policy-based loan of $500 million to be delivered through a programmatic approach over 3 subprograms, and (ii) a project loan of $40 million. The Insurance Sector Development Program will support the sequencing of the reforms to (i) enhance the legal and regulatory environment for deepening the insurance sector, (ii) improve institutional capacity across the industry by enabling digitization, and (iii) create greater demand for insurance through enhanced consumer awareness and implementation of compulsory insurance schemes.

The program is consistent with the 5-year road map of the Securities and Exchange Commission of Pakistan (SECP) for developing the insurance sector, National Financial Inclusion Strategy, National Climate Change Policy 2021, and Pakistan Vision 2025. The program benefits from a $0.5 million technical assistance (TA) grant from the Technical Assistance Special Fund (TASF-7). The ISDP is aligned with the five key operational priorities (OPs) of the Asian Development Bank (ADB) Strategy 2030: specifically (i) OP1 on addressing remaining poverty and reducing inequalities; (ii) OP2 on accelerating progress in gender equality; (iii) OP3 on tackling climate change, building climate and disaster resilience, and enhancing environmental sustainability; (iv) OP5 on rural development and food security; and (v) OP6 on strengthening governance and institutional capacity.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

According to the Program Concept Note, the program is expected to be category C under ADB’s Safeguard Policy Statement (2009) for environment, involuntary resettlement, and Indigenous Peoples.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The proposed ISDP of $540 million to the Government of Pakistan includes (i) a policy-based loan of $500 million to be delivered through a programmatic approach over 3 subprograms, and (ii) a project loan of $40 million.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

No contacts available at the time of disclosure.

ACCESS TO INFORMATION

You can submit an information request for project information at: https://www.adb.org/forms/request-information-form

ADB has a two-stage appeals process for requesters who believe that ADB has denied their request for information in violation of its Access to Information Policy. You can learn more about filing an appeal at: https://www.adb.org/site/disclosure/appeals

ACCOUNTABILITY MECHANISM OF ADB

The Accountability Mechanism is an independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an Asian Development Bank-financed project. If you submit a complaint to the Accountability Mechanism, they may investigate to assess whether the Asian Development Bank is following its own policies and procedures for preventing harm to people or the environment. You can learn more about the Accountability Mechanism and how to file a complaint at: http://www.adb.org/site/accountability-mechanism/main.

How it works

How it works