Azerbaijani insurance company pays 1 million manat for auto insurance

Business Materials 13 July 2011 13:25 (UTC +04:00)

Azerbaijan, Baku, July 13 / Trend A. Akhundov /

The Azerbaijani insurance company AXA MBASK's premiums for the first six months totaled 6.58 million manat, including voluntary insurance, which was 99 percent of the total.

The company's payments totaled 1.36 million manat.

The company's premiums for individual insurance amounted to 680,252.67 manat with payments of 385,206.78 manat, including accidents and illnesses insurance totaling 278,645.23 manat, with payments of 9,044 manat and health insurance totaling 401,607.44 manat with payments of 376.162.78 manat. Insurance of citizens traveling abroad is 83,563.50 manat with payments of 20, 957.58 manat.

The company's premiums on property insurance amounted to 88.65 percent with premiums worth 5,832,837.37 manat and payments of 936,496.80 manat, including property insurance against fire and other risks payments - 1,895,546.87 manat with payments worth 15,965,96 manat, vehicle insurance - 3,356,312,42 manat, with payments worth 911,797,19 manat, liability insurance - 261,925,46 manat with payments worth 8,453,65 manat.

About 66,337.75 manat were collected with payments of 37,463.46 manat on compulsory types of insurance.

MBASK Insurance Company changed its majority shareholder as AXA Group (France) acquired the controlling (51 percent) share parcel via the affiliated company AXA Seguros Generales, SA, De Seguros Y Reaseguros (Spain) in October last year. The license of MBASK was updated under the name of AXA MBASK on December 7, 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 90 bln euro under "revenues" and EUR 3.5 bln 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 employment and served 96 mln 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 company in terms of net premiums in 2009.