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MBASK gets a 36% rise in insurance claims payment

15 April 2009 14:09 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Azerbaijan-based MBASK Insurance Company collected AZN 2,072,838 in insurance premiums during the first quarter, a two-fold decline on the same period last year, said the company in a press release.

The property insurance premiums equaled AZN 645,566 in Q109 accounting for 31% of the periodâ€™s total collections by the Company, while the motor insurance and accident insurance premiums reached AZN 536,161 (26%) and AZN 451,093 (22%) respectively in the same period.

It should be highlighted that the insurance payments that the Company made during Q109 amounted to AZN 1,37 mln. AZN which represents an increase by 36% from the corresponding period of last year. Out of the sum, the payments for insurance cases was accounted at 1,2 mln AZN.

Traditionally, the majority of payments were made under the motor insurance contracts (AZN 977,009), followed by the medical insurance payments (AZN 215,809), the accident insurance payments (AZN 56,277), the payments of insurance to people travelling abroad (AZN 31,020) and the fire insurance payments (AZN 29,830) and so forth.

The average period of expectation for a payment to be made under an insurance contract (from the moment the insured case was reported) equalled two weeks. The average period was shorter (down to several days) in the event that the loss incurred was relatively insignificant.

The largest payment that the Company made subject to one insurance policy during Q109 equalled AZN 23,259 and was related to a motor-vehicle insurance contract.

While commenting on the outcomes of Q109, the first deputy Chairman of the Management Board of MBASK Insurance Company Rashad Abbasov attributed the slowdown in the increase of the insurance premiums collected by the Company to the reduced premiums from the insurance of banksâ€™ property as well as the overall recession in the insurance market.