Azerbaijan , Baku, May 13 / Trend /
AXA MBASK IC collected insurance premiums in the amount of 2,636,232 manat in the first quarter of 2011, that being twice as much as in the corresponding period of last year, the company reported.
The premiums of the Company rose by 96.44 percent in the first quarter of 2011.
It should be mentioned also that the premiums of March 2011 were 45.5 percent up in comparison with February 2011. The quarter's motor insurance premiums amounted to 1,414,870 manat accounting for 54 percent of the total premiums of the Company. The property insurance and the accident insurance premiums reached 522.151 manat and 215,859 manat respectively accounting for 20 percent and 8 percent of the total premiums collected during the quarter.
The insurance payments that the Company paid during the quarter added up to 634,928 manat with the motor insurance payments traditionally at the top (374,069 manat), followed in the order of decrement by the medical insurance, insurance of the people travelling abroad and fire insurance payments equalling 226,769 manat, 19,332 manat and 14,448 manat, respectively.
The average payment term equalled two weeks from submission of a claim; the period was down to a few days if the insured damages were not large.
The largest payment that the Company made on one insurance policy in the first quarter of 2011 equalled 18,050 manat and was paid in accordance with a motor insurance contract.
While commenting on the outcomes of the first quarter of 2011, Deputy Chairman of the Management Board of AXA MBASK Insurance Company Rashad Abbasov said, 'Summing up the performance during the three months of this year, we can safely say that given this quite dynamic growth and development rate we anticipated a considerable increase in the premiums of the Company during the year, hence, we also expect an increased share of the insurance market of the country. '
'This growth was possible thanks to the successful implementation of new standards and the right organisation of sales. Huge attention was paid to expanding the distribution network and working with new sales canal. We are also expanding our operations up country and constantly improve the quality of the customer services. Our orientation for customers is, in essence, the key to our success, 'Abbasov added.
It should be remembered that MBASK Insurance Company changed its majority shareholder as AXA Group (France) acquired the controlling (51%) share parcel in it via its affiliated company AXA Seguros Generales, SA, De Seguros Y Reaseguros (Spain) in October last year . The licence of MBASK was updated under the name of AXA MBASK on 7 December 2010 because the Company had been renamed.
AXA Group is the world leader in financial protection operating in 57 countries world-wide with the highest concentrations of business in Europe, North America, Asia-Pacific and the Middle East.
With 9bln euro under "revenues" and EUR 3.5 bn under "profits" today, AXA Group tops the world rating of the largest insurance companies and is also one of the leaders in financial investment insurance. The company had more than 210,000 people in its employ and served 96 mn customers around the world as at the beginning of 2011. According to the reputed financial information agency AM Best, AXA was the world's largest insurance in terms of net premiums in 2009.