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Azerbaijanâ€™s MBASK Insurance Company achieves 70% rise in premiums

22 October 2008 15:28 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Azerbaijan-based MBASK Insurance Company earned AZN 15.724 million in premiums during January-September, up 66% on the same period last year.
The company said AZN 4.498 million went to insurance claims, twice a year earlier.
Premiums came 71% from car insurance, 8% from fire insurance and 5.9% from medical insurance.
Insurance claims came most from car insurance (AZN 3.224 million), medical insurance (AZN 0.814 million), fire insurance (AZN 0.107 million) and accident insurance (AZN 0.1 million).
Rashad Abbasov, Deputy chairman of the board, said the recent rapid growth proved the companyâ€™s strategy as true.
MBASK Insurance has been in operation since 1992. MBASK is owned by EBRD (30%) and individuals. As of October 1, its authorized capital stood at AZN 2 million. At present it provides 29 types of insurance services.