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MBASK works on affordable insurance products

19 September 2008 14:31 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. There is a need for more affordable insurance products that are not expensive for the population, said Kamran Baghirov, the sales officer of Azerbaijan-based MBASK Insurance Company.
He added that the factor of price is very important and it is hard to sell standard products.
â€œThere is a need for inexpensive products. We are working on new products targeted for much wider segment of the population,â€ he added.
He also noted that the quality of services for individuals in QUR Car Insurance Program has been improved while the sales didnâ€™t go up remarkably.
Also, MBASK reduced the number of exceptions in car insurance.
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.