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$200m lost in marine cargo

TRYNESS TEMBO, Lusaka
ZAMBIA is losing about US$200 million per year due to failure to domesticate the issuance of marine cargo insurance (MCI).
Currently, goods imported are using the free on board (FOB) or cost insurance and freight (CIF), thereby denying local insurance firms an opportunity to participate.
MCI is a type of insurance that provides cover against damage to goods while being transported worldwide by air, road, water or rail.
“A study we conducted has revealed that Zambia is losing about US$200 million annually, but once MCI is domesticated, this money can be retained by paying local insurance firms that can help boost their performance, create employment, and Government will benefit through taxes,” Intergovernmental Standing Committee on Shipping (ISCOS) secretary general Daniel Kiange said.
Mr Kiange said in an interview on the sidelines of the consultative forum of stakeholders of Zambia Import and Export Trade and CLICK TO READ MORE