ISLAMABAD: With climate change vulnerabilities increasing, countries like Pakistan need to focus on enhancing insurance penetration to protect urban dwellers as well as farmers from extreme weather patterns.

Talking to media here on Saturday, Andrew Peterson, managing director Society of Actuaries (SOA), stressed the importance for more insurance products related to damages occurring due to climate change.

Accompanying him, Zain Ibrahim, the regional director SOA, referred to the recent hailstorm in Islamabad and said the threats of extreme weather conditions were not limited to rural areas, crops or mountains that face flash floods.

`Those having ordinary cars or solar panels too need insurance cover,` Mr Ibrahim said, adding there was a gap between the insurance sec-tor and the general public in Pakistan.

The experts said neither farmers had adequate knowledge of various crop insurance products nor the insurance companies seemed to be active in that sector.

However, they added that a number of companies were offering insurance products in Punjab and the KP for flood and drought mitigation and it was currently a much needed product Pakistan and the region even more serious than theft insurance.

They also stressed the need to promote education of actuaries to strengthen the insurance sector in Pakistan that would eventually help develop innovative products.

Actuariesareexpertswhousemathematics, statistics, predictive analytics, economics and finance to analyse risk and make informed decisions.

Actuaries play crucial roles inindustries such as insurance, banking, healthcare, consulting and public policy.

`The key job of actuaries is to design and validate financial models, helping businesses turn risk into opportunity,` Mr Peterson said.

He called upon Pakistani youth to attain education of actuaries as this profession had global demand too.

Among the SOA`s initiatives in Pakistan includes discounts on exams and prep materials to become an actuary, offering scholarships to promising students and engagements with local universities to build awareness and capacity.

Pakistan has witnessed a growth in actuarial profession with 17 per cent increase in candidates appearing in SOA exam in 2024. Currently, there are over 1,700 Pakistan-based SOA affiliate members. Kalbe Ali