The International Monetary Fund (IMF) has asked the government to boost insurance coverage to reduce losses in natural calamities, finance ministry sources here said.
Pakistan is most vulnerable to natural disasters and suffers billions of rupees losses each year due to calamitous flooding, earthquakes and other natural disasters.
The country’s insurance industry has been much behind to the international standards, despite a robust banking sector, which restricts it to cover disaster losses, sources said.
“Even the development projects of the government remain uninsured for losses caused by natural disasters,” sources said.
