Azerbaijan, Baku, 6 March / Trend corr. U.Ismayilova / One of the largest insurance companies of Azerbaijan MBASK is developing a new insurance product, Jamil Malikov, company manager, stated.
"The new product is being developed on the ground of developed automobile insurance QUR program in 2007," Malikov said. MBASK launched the QUR program to design individual insurance policies for its clients in May 2007.
Malikov said that the company develops subprograms of this automobile insurance product, which will provide additional privileges and services to car owners. The program envisages five additional types of insurance which will be sold to agents as there will be standard prices," Malikov said.
Alongside the automobile insurance, MBASK is also developing insurance for apartments and life insurance.
Under the new Bill on Insurance, which was passed by Parliament, and will be ratified by the President, this envisages dividing the insurance companies into two parts, Life insurance companies and Non-life insurance companies.
The daughter Life company of MBASK is expected to be established.
Since 1992, MBASK provides 29 types of services; four are compulsory and has 48 are insurance products.
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