The COMESA yellow card scheme has recorded a 40% growth in the last five years with annual premium income surging from $6,3 million in 2012 to $9,2 million in 2017.
This emerged at the ongoing 31st meeting of the Council of Bureaux Third Party Motor Insurance Scheme being held in the resort town of Victoria Falls.
Figures from the COMESA secretariat indicate that the number of yellow cards issued annually to cross border motorists have surged from 130 000 in 2012 to 172 000 in 2017.
The number of claims reported for compensation to road accident victims per annum have also doubled from 350 000 in 2012 to 742 000 in 2017.
Despite the significant growth, the COMESA Chief Programme Officer, Mr Berhane Giday said the yellow card scheme has huge impact on intra-regional trade and tourism, adding that participating countries should address the delay being faced in the settlement of claims.
Zimbabwe has taken over the chairmanship of the Council of Bureuax and pledged to work with fellow regional countries in strengthening the operations of the scheme as well as the adoption of modern technologies to enhance efficiency.
Under the recently adopted five year strategic plan, the management committee has identified nine strategic objectives to achieve complete transformation of the yellow card scheme.
The regional yellow third party vehicle insurance scheme commonly known as yellow card is meant to protect third parties against risks arising out of the use of motor vehicles.