Compulsory insurance of motor vehicle owners’ liability ensures over 38 percent of Azerbaijani company’s dues
Azerbaijan, Baku, July 24 / Trend A. Akhundov /
Azerbaijani insurance company AXA MBASK collected premiums worth 3.74 million manat on the compulsory insurance of liability of motor vehicle owners in the first half of the year or over 38 percent of all dues of the company, the company said today.
In general, the company's dues exceed the index for the same period of 2011 by half and hit 9.75 million manat in January-June.
The company is one of the founders of the bureau for compulsory insurance, established in accordance with the requirements of the new law on "Mandatory types of insurance". The law regulates the four types of compulsory insurance - compulsory insurance of liability of motor vehicle owners, passenger insurance, real estate insurance, civil liability insurance while exploiting real estate. AXA MBASK has permission to work on all these kinds, except for compulsory insurance of passengers.
The company's dues in insurance of real estate and civil liability while exploiting real estate in the first half of the year amounted to 67,400 manat and 10,900 manat, respectively, in general, compulsory insurance - 3.82 million manat (about 40 percent of all charges).
The company collected 5.1 million manat in property insurance, including property insurance against fire and other risks 839,130 manat, insurance of vehicles - 3.84 million manat, cargo insurance - 336,260 manat. The fees on the types of liability insurance in January-June amounted to 230,400 manat, types of personal insurance - 591,200 manat, including health insurance - 424,140 manat.
The company paid compensation amounting to 2.53 million manat during the reporting period, or 86.17 percent more than in the same period of last year. The company made most payments in voluntary insurance of motor vehicles - 1.93 million manat.
In October 2010, MBASK insurance company changed the principal shareholder.
The AXA Group (France) acquired the controlling parcel of shares (51 percent) through its affiliated company AXA Sequros Generales, S.A, De Sequros Y Reasequros (Spain). The license of MBASK was renewed for AXA MBASK in connection with changing the company's name on December 7, 2010.
AXA Group is the world leader in financial protection sphere. It operates in 57 countries around the world mainly in Europe, North America, Asia Pacific region and the Middle East.
The official exchange rate is 0.7856 AZN/USD on July 24.