AXA Forecasts Total Premium Level of 200 mln in Azerbaijan
OREANDA-NEWS. September 9, 2011. AXA MBASK’s chairman of board Yavuz Olken has made comments on Company’s works for seven months of 2011.
According to comments, the insurance market in Azerbaijan realized a growth rate of 31.48% by the end of June compare to 2010 figures and total market premiums is AZN 116.467 million. But when we deeply analyze the market dynamics we see that the new compulsory life insurance had a great impact in the market growth. Market growth is around 15% if we exclude life premiums and total non life premium production is only AZN 100.2 million.
When we look the results of AXA MBASK, we see that our company growth rate is 75% and total premium production is AZN 7.587 million. Our market share increased to 7.57% from 4.90% if we look only to non life premiums, if we include life premium our market share is 6.51% which is also very promising for the coming period of time.
For the year end we expect almost the same growth rate for the market and total premium level of AZN 200 million which could be an important leverage for the coming years if we can use the rationales behind of these figures.
Today we know that the premiums come mostly from the bank related products and mostly from Baku Region.
We as AXA MBASK we believe that for a healthy future in insurance industry we need; non bank related products , well trained agent network in whole country, growth in the regions not only in Baku and differentiated services for the customers.
In addition we believe that the new obligatory insurances and extended limit and coverage’s in MTP policies will support the growth in insurance industry and help to increase the awareness in insurance products. Thanks for all the efforts of regulator(s) for the new law and products to be launched in obligatory insurances field.
We believe that like in the mature market the word “insurance" will be changed as “financial protection " and as AXA MBASK we try to differentiate our position form the market.
First of all during the first 7 months of 2011, we reorganized our company and created much more customer centric organization. Now for each and every decision in our company is based on the customer value and satisfaction. Our changes were not only in organization, we have also invested in the agent network, in order to create a professional business for the individual agents in the market, we believe that the future of insurance business needs professionals in the distribution network.
During 7 months we have also invested a lot into the technology we can say that all the operations now in AXA MBASK are online, we created many business intelligence tools in order to follow up daily activities of the company. We can say that almost the setup finalized and now it is the time for sale and best service quality for the agents, customers and business partners.
I am sure that we will try to keep the momentum we achieved and with the new look to insurance business in Azerbaijan, we will also try to support all the insurance market by using the international expertise of AXA. We believe that this market needs also constructive competition for the future and we will always try our best to create common insurance awareness in the country.
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