Azerbaijani insurer secures over half of charges due to vehicles insurance

Business Materials 16 January 2012 16:12 (UTC +04:00)

Azerbaijan, Baku, Jan.16 / Trend A. A.Akhundov /

Azerbaijani insurance company AXA MBASK has secured 57.74 per cent of its charges and 75 per cent of payments due from voluntary insurance of vehicles in 2011, the company told Trend on Monday.

The company's premiums amounted to 12.725 million manat with payments to the sum of 3.244 million manat. Some 7.347 million manat fell on automobile insurance with payments of 2.433 million manat.

The company's charges on property insurance amounted to 10.666 million manat with payments amounting to 2.542 million manat. Some 625,950 manat fell on insurance of cargo and 2.22 million manat on property insurance against fire and other risks.

Some 560,000 manat with payments of 64,000 manat fell to voluntary liability insurance. As much as193,460 manat of charges fell on insurance of liability of vehicle owners and 295,790 manat to general liability.

Personal insurance premiums came to 1.16 million manat with payments of 530,500 manat.

Charges on insurance against accidents and disease amounted to 449,930 manat and medical insurance - 710,600 manat.

The company collected compulsory types of insurance to the sum of 338,830 manat with payments to the amount of 107,000 manat in 2011.

In October last year, MBASK insurance company replaced the principal shareholder. The controlling stake (51 per cent) was acquired by AXA Group (France), through its subsidiary AXA Sequros Generales, SA De Sequros Y Reasequros (Spain). The licence of MBASK was updated as was that of AXA MBASK in connection with the company name change on 7 December 2010.

AXA Group is the world leader in financial protection that operates in 57 countries around the world with the highest concentration of business in Europe, North America, Asia-Pacific and the Middle East.

The official exchange rate is 0.7864 AZN to $1 on Jan.16