During 6 months, 2013 AXA MBASK insurance company collected premium worth 7.39 million AZN against 9.75 million AZN by July 1, 2012, but the company has significantly diversified its portfolio. The pace of collection of premium a new type of obligatory insurance of responsibility of automobile owners to the third persons has been maintained. This type of premium leads with 3.5 million AZN.
The company administration has been looking to the gradual adequate replacement to the leading voluntary car insurance, which had few competitors. From January to June 2012 3.84 million AZN was collected with payment of 1.93 million AZN, but this year the ratio is 1.67 to 1.82 million AZN, which means that payments exceeded the premium.
This section of the market is oversaturated. The positions of voluntary medical insurance, insurance against accidents and insurance of civil responsibility have become stronger. Owing to the propaganda of the state insurance inspection service, there is progress with obligatory insurance of property against natural calamities in the regions.
Majority of the payments were made on automobile trouble cases – 1.82 million AZN. The table does not contain data about payment of old types of obligatory insurance, because term of their agreement expired.
The company’s aggregate payments totaled 3.62 million AZN, about 1.1 million AZN up against last year.
Open-type joint stock company AXA MBASK has been operating at the Azerbaijan insurance market since 1992 and it provides 25 types of voluntary and 4 types of obligatory insurance.
In October 2010 the insurance company changed the man shareholder and on December 7, 2010 its license was renewed.
The control bloc of shares of the company (51%) was purchased by French AXA Group through its daughter company AXA Sequros Generales, S.A, De Sequros Y Reasequros, Spain.
The company’s paid authorized capital is 6.74 million AZN. It has 5 branch offices and representations in the country.—0—
Economics
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