MBASK Insurance Company has been operating since 1992 and it is one of the first private companies in independent Azerbaijan. 1992 through 1996 was the period of making up an insurance market of Azerbaijan. Notwithstanding limited capacities of the market during that period MBASK succeeded in establishing a professional team and currently it owns a license for underwriting 29 types of insurance.
In 2005, for the first time in the history of the Insurance Market of Azerbaijan, European Bank for Reconstruction and Development bought 30 % shares of MBASK Insurance Company and became a shareholder of a local insurance company.
Independent market researches conducted in 2006 through 2007 recognized MBASK Insurance Company as the most popular and reliable insurance company in the public.
In 2004 MBASK Insurance Company passed Quality Management System certification. Specialists of Moody International were involved as the auditors of the company. Based on the audit results MBASK Insurance Company was awarded a respective certificate. For 3 years the Company complied with all applicable quality standards that resulted in assertion of this certificate annually.
In December, 2007 the next audit of MBASK Insurance Company Quality Management System was conducted by specialists of Moody International and its compliance with ISO 9001:2000 International Standard on Quality Management was confirmed.
Based on the results of 2007 MBASK Insurance Company took the lead among the private companies in Azerbaijan on the total volume of collected insurance premiums.
On October 14, 2010 “AXA GROUP”, one of the largest Insurance Companies in the world, acquired major controlling interest (51 %) of “MBASK” Insurance Company shares through “AXA Seguros Generales, S.A., De Seguros Y Reaseguros” (Spain), its affiliated society.
AXA Group is one of the largest insurance companies in the world and it was identified as the 9th largest company in the world in terms of income in the list of Fortune Global 500 for 2010. AXA is operating in 57 countries, mainly in Western Europe, North America, Asia and Pacific Region and Middle East. Over 216,000 people are employed by the Group and it has 96,000,000 clients all over the world. The Group consists of five operational business segments – Life and Deposit Insurance, Property Insurance and Personal Accident Insurance, International Insurance (including reinsurance), Asset Management as well as other financial services.
On November 29, 2010 as MBASK was renamed to AXA MBASK, its license was renewed.