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MBASK is to launch a life insurance company

18 December 2008 15:34 (UTC +04:00)

Baku. Elnur Huseynguluev - APA-Economics. The shareholders of Azerbaijanâ€™s MBASK insurance company have submitted a set of proposals to the Ministry of Financeâ€™s Public Insurance Supervision Department to set up a life insurance company.
Jamil Melikov, Chairman of the Company, said they received an answer which said a life insurance company could be set up in the country if the shortage of professional actuaries in Azerbaijan is resolved through trainings in conjunction with the Azerbaijan Insurers Association.
Jamil Melikov underscored the key role of actuaries in life insurance companies.
â€œIn life insurance firms, actuaries are responsible for mathematical calculations for insurance premiums and insurance claim payments. At present there is almost no actuary in Azerbaijan,â€ he added.
He also noted that the life insurance is introduced when per capita premium exceeds $100 under international practice.
â€œHowever, life insurance companies exist in some countries like Vietnam although this standard is not met in these countries. I hope that this process will get faster in Azerbaijan next year after the shortage of actuaries is addressed,â€ he noted.
MBASK Insurance has been in operation since 1992. MBASK is owned by EBRD (30%) and individuals. MBASK has more than 160 employees and 300 insurance agents.
As of October 1, its authorized capital stood at AZN 2 million. At present it provides 29 types of insurance services. The company earned AZN 15.4 million in premiums during January-September.
The company said AZN 4.5 million went to insurance claims during this period.