Azerbaijani-French insurance company’s premiums up by almost 11%

Business Materials 12 January 2011 16:01 (UTC +04:00)

Azerbaijan, Baku, Jan. 12 / Trend U.Ismayilova /

The Azerbaijani-French insurance company AXA MBASK's premiums in 2010 totaled 8.388 million manat, including voluntary insurance - 8.278 million manat (98.7 percent of the total), the company reported on Wednesday.

The company's payments totaled 3.535 million manat, including voluntary insurance - 3.471 million manat.

The company's premiums for individual insurance amounted to 1.221 million manat, including accidents and illnesses - 510,910 manat and health insurance - 710,580 manat.

The company's premiums on property insurance amounted to 6.477 million manat, including property insurance against fire and other risks - 933,850 manat, car insurance - 5.21 million manat, insurance of aircraft - 11,270 manat  and cargo insurance - 312,650 manat.

The company collected 588,600 manat on liability insurance, including liability insurance for owners of vehicles - 150,880 manat, liability insurance trucking and freight forwarders - 12,330 manat, employer's liability insurance - 209,650 manat, general liability insurance - 215,740 manat.

On mandatory types of insurance services, the figure amounted to 101,610 manat, including mandatory insurance of vehicle owners - 100,510 manat, and mandatory environmental insurance - 1,100 manat.

In the structure of the company's payments, 8,930 manat fell on insurance against occupational accidents and diseases, 912,400 manat - health insurance, 2.51 million manat - property insurance, 115,410 manat- property insurance against fire and other risks, 2.36 million manat - insurance of motor vehicles, 32.16 manat - insurance of aerial vehicles and 2,500 manat- cargo insurance.

The company paid 63,690 manat on compulsory insurance, all payments were made as a result of civil liability insurance of owners of vehicles.

67 percent of the total payments fell to payments on the insurance policies of vehicles.
Premiums for 2009 amounted to 7.56 million manat with payments  of 6.24 million manat.

The AXA Group bought shares in the European Bank for Reconstruction and Development in the Azerbaijani MBASK's capital in October. The group's AXA Seguros Generales acquired a controlling stake by purchasing the bank's shares in MBASK's capital. The bank had owned a 30-percent share and the company's principle shareholder Eldar Garibov had owned a 21-percent stake. Garibov will own the remaining 49-percent stake.

MBASK has operated on the Azerbaijani insurance market since 1992. It offers 29 types of insurance services, four of which are compulsory. Its authorized capital is 5.73 million manat.

AXA provides life and health insurance, contribution, international insurance and reinsurance, and financial management services. AXA was founded in 1816 and is headquartered in Paris. AXA employs 216,095 people and has 96 million customers worldwide.