Yellow Card Insurance Scheme records sustained growth across 13 African countries
Over 220 insurance companies are currently involved in the operations and issuance of the COMESA Yellow Card insurance covers in 13 countries across Africa.
Annually over 190,000 cards are issued, with a premium income of over US$10million generated and over 700 claims are handled and processed. This was revealed by Mr Richard Mokua, IT Expert in the Regional Customs Transit Guarantee (RCTG) and Yellow Card project. This was during his presentation on the Yellow Card Insurance System to the first COMESA Digital FTA workshop in Seychelles.
He added that the Scheme settled one of the biggest single claim amounting to US$400,000 to a client in 2012 in DRC.
“To give an example, over 800 trucks with Yellow card covers cross daily between Ethiopia, Djibouti and Sudan,”
Members to the Yellow Card Scheme are Burundi, DR Congo, Djibouti, Ethiopia, Eritrea, Kenya, Malawi, Rwanda, Sudan, Tanzania, Uganda, Zambia and Zimbabwe.
The Yellow Card is a regional third-party motor vehicle Insurance Scheme recognized by all participating member countries as a valid third party insurance protection. It was established through a Protocol signed in 1986 by COMESA Member States (then PTA) to address the challenges of barriers to transport and trade development in the region.