COMESA Yellow Card: A Reliable System of Insurance

(HornTrade) – Founded in 1986, the COMESA Yellow Card is a regional system of auto insurance covering all member countries. The insurance risk is still relevant. Both the strategic importance of cross-border transport and the volume of heavy truck movements pose the challenge of balancing the flow and safety of traffic on the international corridor.

Border trade occupies an increasingly prominent place in the national economy. For the port of Djibouti became the natural outlet of Ethiopia in recent years. Result: transit operations are a large component of port operations in the country. Transit Ethiopia amounted to 77.4% of traffic from the port of Djibouti in 2009. And the movements of Ethiopian trucks totaled 206,842 trips during the past year.

These factors reflect fairly the density of traffic on both sides of the border and Galafi Guelileh. The finding raises the challenge of balancing security and fluidity of movement of persons and goods on the international corridor. Hence the need for motorists and hauliers to join the regional network of the COMESA Yellow Card which provides coverage in case of accidents.

It is also necessary that each national bureau of this regional system of auto insurance has a dual function. It plays the role of provider of yellow cards to motorists traveling in another country member of COMESA. The entity also performs settlements injury and damage that accidents of vehicles in transit could potentially cause.

Production of yellow cards … office Djibouti
The office of Djibouti yellow cards issued to motorists traveling from Djibouti to Ethiopia. Its turnover amounted to 23.7 million in 2009 FD for 479 cards issued. It is also important to remember that the production office of the yellow card in Djibouti over the past seven years has continually climbing after 2008.

Apart from the decline in 2008, emissions of yellow cards have recovered as in previous years with an increase of 15.6% premium and 2.8% of cards sold. The fleet has ensured increased slightly by 5.3% and consists mostly of passenger vehicles up to 56%. The heavy traffic of vehicles Ethiopian produces injuries that the Office of Djibouti’s mission is to manage and resolve on behalf of the Office of Ethiopia.

During the year 2009, it was recorded 206,842 vehicle movements in Ethiopia. Note also that in 2009 the number of vehicle accidents reported to the office and Ethiopian yellow card of Djibouti rose to 106 up 3, 9% over 2008. Optimism prevails among professionals with regard to the settlement of these claims during the same period.

Indeed, the Office of the yellow card of Djibouti from 2003 to 2009 settled nearly 274 claims. It has paid as such, the total sum of 214,639 308FD victims of accidents caused by vehicles Ethiopia. The burden of vehicles Ethiopian claims amounted to 51.1 million FD in 2009, an increase of 0.7% compared to the regulations of 2008.

At the end of fiscal 2009, claims awaiting payment were valued at 360.5 million FD. The figure shows the extent of claims and liabilities outstanding issues related to road accidents caused by the carriers involved in transit operations. Still, the COMESA Yellow Card insurance system remains a reliable.

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