Azerbaijani insurance company ready to cover alternative energy investments

Oil&Gas Materials 6 May 2013 15:44 (UTC +04:00)

Azerbaijan, Baku, May 6 / Trend E. Ismailov /

Azerbaijan's insurance AXA MBASK Company is going to participate in insuring the growing investments in the alternative and renewable energy source area, president of the company Yavuz Olken said during the symposium 'Risk Insurance in the sphere of alternative and renewable energy sources' on Monday.

According to some experts, by 2020 the volume of investments in alternative energy will stand at $500 billion, whereas in 2009-2010 this figure was $84 billion.

"Considering such a growth of investments, the role of insurance in the process is necessary. AXA MBASK has a wide range of experience in the insurance of the 'green' energy sector and is ready to apply its experience in this field to Azerbaijan", Olken said.

In October 2010, the MBASK insurance company changed its main shareholder. The company's control stock (51 per cent) was acquired by AXA Group (France) through its subsidiary AXA Sequros Generales, SA, De Sequros Y Reasequros (Spain). On December 2010, MBASK's licence was renewed in connection with the change of the company name to AXA MBASK.

Assets of the Azerbaijani AXA MBASK OJSC insurance company on the results of 2012 constituted 25.78 million manat compared to 22.82 million manat at the beginning of the year, increased by almost 13 per cent

Last year the company accumulated 11.06 million AZN in cash and cash equivalents including 8.65 million AZN in deposit accounts, 2.35 million AZN in the payment accounts and 3.86 million AZN in public securities.

The official exchange rate for May 6 is 0.7845 AZN / USD.