TPL Insurance Ltd.
Region and country of operations: Asia, Pakistan
Jurisdiction of registration: Pakistan
Business sector: Insurance
Date of agreement (month/year): 4/2022
Finnfund’s financing: USD 3,000,000
Share of Finnfund’s financing: 100%
Size of project/financing: EUR 3,000,000
Environmental and social category: FI-C
Incorporated in Pakistan in 1992, TPL Insurance is the 6th largest non-life insurer in Pakistan. It is focused on targeting retail customers with simple, innovative, and need-based products with digitally evolved systems. Having its cornerstone in motor insurance, it provides a complete range of insurance solutions across the non-life insurance product spectrum, including agri insurance products that help to strengthen the financial security of underserved farmers. Finnfund’s equity investment in TPL helps to support the expansion of Pakistan’s nascent insurance industry, which plays an important role in closing the protection gap.
Main development impact
Insurance plays a critical role in achieving the sustainable development goal for No Poverty. The investment, which supports expanding the underdeveloped insurance industry in Pakistan, is likely to deliver significant development impacts. TPL is a pioneer in Pakistan in developing online insurance services. The company targets socioeconomic groups from low to high income. New service channels and products will allow access to insurance for those previously underserved.
TPL has recently launched an agri insurance (crop and livestock) scheme. Considering that climate risks are high in Pakistan and the agricultural sector’s significance in the economy, insurances responding to the increasing risks in the sector are a critical part of climate change adaptation. The company is willing to commit to meeting at least one of the 2X eligibility criteria, and it has already put in place specific measures to provide a quality workplace for women: daycare, training programme, and aim to increase female leadership.
Last modified: September 2022