Finance

Finance

MBASK posts insurance premiums at AZN 7.556 million

02 February 2010 15:19 (UTC +04:00)

Baku. Elnur Huseynguluyev - APA-Economics. The premiums that the insurance Company MBASK collected last year amounted to AZN 7,556,331 with the biggest portion of this equalling AZN 2,768,281 or over 36% of the total traditionally accounted for by the motor-vehicle insurance premiums.

The property insurance, medical insurance and accident insurance premiums equalled AZN 1,762,400, AZN 1,124,942 and AZN 676,193 respectively. The payments that the Company made last year are noteworthy and amounted to AZN 5,293,838.

Again, traditionally, the payments were dominated by the motor-vehicle insurance payments that reached AZN 3,356,005. This was followed by the medical insurance payments in the amount of AZN 1,002,362, the property insurance payments adding up to AZN 601,498, the accident insurance payments making AZN 98,126, the motoristsâ€™ obligatory civil liability insurance payments equaling AZN 85,197, etc.

The largest per-policy payment that the Company made last year equaled AZN 121,652 and was paid under a property insurance policy.

The average contract payment delivery period did not exceed 15 business days from the insurance event application date. This period was several days shorter if the insignificant damages were involved.

â€˜Summing up on the outcomes of the year, we can safely say that the Company keeps up the dynamic growth in spite of the complicated economic situation in the market. The growing confidence of the customers in our Company is the pledge of our progress,â€™ comments Rashad Abbasov, First Deputy Chairman of the Management Board of MBASK.

Mr Abbasov went further to say that the further improvement of the customer services and the total fulfillment of the obligations to the customers remain the priorities of MBASK for 2010.