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Azerbaijanâ€™s MBASK insurance company has no plan for branch coverage expansion

17 September 2008 09:03 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. Azerbaijan-based MBASK Insurance Company doesnâ€™t intend to expand its branch coverage by the end of this year, said Kamran Baghirov, the companyâ€™s officer for sales.
He added that the company operates 7 branches and office across the country, including 4 offices and a branch in provinces.
â€œWe think there is no need to expand the branch coverage because the current reach area is enough. We are now more focusing on the quality of services available for customers,â€ he noted.
MBASK Insurance has been in operation since 1992. MBASK is owned by EBRD (30%) and individuals. As of July 1, its authorized capital stood at AZN 2 million.
The company earned AZN 15.047 million in premiums during January-August, up 2.1 times on the same period last year.
The company said AZN 3.778 million went to insurance claims, up 2.3 times on a year earlier. It offers 29 types of insurance services.