AXA-Mbask gets 40% rise in insurance charges

AXA-Mbask gets 40% rise in insurance charges
# 15 January 2013 11:23 (UTC +04:00)

Baku. Vahab Rzayev – APA-Economics. Azerbaijan-based AXA-Mbask earned AZN 17.698 mln of insurance premiums throughout 2012, up 39.1% from 2011.

Company says most of premiums in voluntary insurance types came from Vehicle owners (AZN 6.154 mln), insurance against fire and other perils (AZN 1.598 mln), Health insurance (AZN 1.409 mln) and Cargo insurance (AZN 624,400).

Totally, the premiums on voluntary insurance types dropped 12.6% to AZN 10.831 mln, on compulsory insurance types – rose 20.3 times to AZN 6.866 mln. AZN 6.703 mln or 97.6% in compulsory insurance types came from compulsory civil liability insurance of owners.

About payments, the payments of the company on insurance risks increased by 80.9% to AZN 5.868 mln. ANZ 4.047 mln of payments went to Vehicle owners, AZN 862,800 – to compulsory civil liability insurance of owners, AZN 522,400 – to Health insurance. The payments on voluntary insurance types rose 57.6% to AZN 4.945 mln, on compulsory insurance types – 8.6 times to AZN 923,200.

Market share of the company made 5.2%, down 0.8 percentage points from previous year.

Remind that has been in operation since 1992. The company operates 29 insurance types.

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