Azernews.Az

BAKU – AXA MBASK, a Baku-based private insurance company, collected premiums worth over 2.6 million manats ($3.3 million) in the first quarter of 2011, nearly double the amount collected in the same period of last year.

The premiums received in March 2011 were 45.57% above February. The quarter’s car insurance premiums amounted to 1.414 million manats, accounting for 54% of the total premiums. Property insurance and accident insurance premiums reached 522,151 and 215,859 manats respectively, accounting for 20% and 8% of the total premiums collected during Q1.

The quarterly insurance payments added up to 634,928 manats with the motor insurance payments traditionally at the top (374,069 manats), followed in the order of decrement by the medical insurance, insurance of the people traveling abroad and fire insurance payments equaling 226,769, 19,332 and 14,448 manats respectively.

The average payment term equaled two weeks from submission of a claim; the period was down to a few days if the insured damages were not large.

The largest payment that the company made on one insurance policy in Q1 made up 18,050 manats and was paid under a car insurance contract.

Commenting on the outcomes of Q1, deputy chairman of AXA MBASK’s Management Board, Rashad Abbasov, said that given this dynamic growth rate, the company anticipates a considerable increase in its premiums during the year, hence, it also expects an increased share in the insurance market of the country.

"This growth was possible thanks to the successful implementation of new standards and the proper organization of sales. Huge attention was paid to expanding the distribution network," Abbasov said, adding that the company was committed to expanding its operations and improving the quality of customer service.

In October 2010, AXA Seguros Generales, an AXA subsidiary, acquired 51 percent of stock in MBASK by buying shares from the European Bank for Reconstruction and Development, as well as part of the shares owned by MBASK’s other main shareholder Eldar Garibov.

AXA Group, the world’s biggest insurance company, operates in 57 countries, mainly in western Europe, North America, the Asia-Pacific region and the Middle East. The company provides assistance in opening insurance agencies and cooperates with these agencies over the long term, making a significant contribution to increasing their profitability.

With 90bn euros under "revenues" and 3.5bn euros under "profits", AXA Group tops the world rating of the largest insurance companies and is also one of the leaders in financial investment insurance. The company employed more than 210,000 people and served 96 million customers around the world as of the beginning of 2011. According to the reputed financial information agency A.M. Best, AXA was the world’s largest insurance company in terms of net premiums in 2009.