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Azerbaijanâ€™s MBASK Insurance Company achieves 23% rise in premiums

19 January 2009 08:14 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Azerbaijan-based MBASK Insurance Company earned AZN 18.551 million in premiums during 2008, up 23% on a year ago.
The company said premiums as usual most came from motor insurance, with a 28% or AZN 2.651 million year-on-year rise to AZN 12 060 352.
Premiums from accident insurance rose 4.7 times to AZN 2.229 million and premiums from medical insurance increased by 29% to AZN 1 .149 million.
According to the figures, AZN 5.965 million went to insurance claims, a 79% increase on a year ago.
Insurance claims were received most from motor insurance (AZN 4.377 million) and accident insurance (AZN 1.009 million).
MBASK Insurance has been in operation since 1992. MBASK is owned by EBRD (30%) and individuals. As of January 1, its authorized capital stood at AZN 2 million. At present it provides 29 types of insurance services.