In 2013 almost half of AXA MBASK dues fell on compulsory insurance of vehicle owners’ liability

Baku, Azerbaijan, Jan. 17
By Abbas Akhundov -Trend:

Azerbaijani insurance company AXA MBASK collected premiums worth 3.74 million manat on the compulsory insurance of liability of vehicle owners in 2013 or over 44.5 percent of all dues of the company, the company told Trend on Jan.16.
In general, in 2013 the company's dues amounted to 17.31 million manat or 2.22 percent less than in 2012.

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 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 2013 amounted to 291,000 manat and 168,100 manat, respectively, in general, compulsory insurance - 8.02 million manat (about 46.33 percent of all charges).

The company collected 6.81 million manat in property insurance, including property insurance against fire and other risks 1.96 million manat, insurance of vehicles - 4.2 million manat, cargo insurance - 474,830 manat. The fees on the types of civil liability insurance amounted to 5.18 million manat, types of personal insurance - 1.38 manat, including health insurance - 1.6 million manat.

The company paid compensation amounting to 8.23 million manat during the reporting period, or 40.2 percent more than in 2012. The company made most payments in voluntary insurance of motor vehicles - 3.71 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 0.7844 AZN/USD on January 17.

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