International Insurance Company

International Insurance Company (Azerbaijani: Beynəlxalq Sığorta Şirkətinin) ("ICC") is an insurance company based in Baku, Azerbaijan.[4] In the Azerbaijani language, it is called Beynəlxalq Sığorta Şirkətinin.[1] The company was founded by the International Bank of Azerbaijan.[5]

International Insurance Company Limited Liability
Native name
Beynəlxalq Sığorta Şirkətinin[1]
IndustryFinancial services and insurance
Founded2002
Headquarters
Baku
,
Azerbaijan
Key people
Sultanov Jamil - Chairman of the Board of Directors[2]
Jalil Nihad - Head of the Executive Office[2]
ProductsAccident insurance

Air transport insurance
Car insurance
Cargo insurance
Construction insurance
Liability insurance
Machinery insurance
Marine insurance
Property insurance

Travel insurance
Revenue17.18 million AZN[3]
574.7 AZN[3]
ParentInternational Bank of Azerbaijan

In the fall of 2013, the company received the "Best Insurance Company in 2013″ award from International Finance magazine. ICC was the only insurance industry company in Azerbaijan to receive the award.[6]

Company Overview

Products

The company provides 34 types of insurance products.[7]

Individual insurance services:[5]

  • Accident
  • Car
  • Property
  • Travel

Business insurance services:[5]

  • Accident
  • Air transport
  • Cargo
  • Construction
  • Liability
  • Machinery
  • Marine
  • Property
  • Vehicle

Market
Financial market participants
  • As of February 2013, the company ranked sixth in Azerbaijan in volume of claims paid.[8]
  • Approximately 65% of the company’s business is related to health insurance.[8]

Financial Performance

Financials (2012):[3]

  • Aggregate capital: 8.87 million
  • Aggregate liabilities: 13.33 million
  • Assets: AZN 22.2 million
  • Expenses: 16.44 million
  • Net profit: 574.7
  • Revenue: 17.18 million
  • Utilized authorized capital: 8.8 million

As of July 2012, the company’s overall capital amounted to AZN 5.5 million.[9]

In 2009, the company was rated by Moody’s Investors Service and scored a “B2 (outlook: stable)” in the insurance company financial strength category.[10]

Present

People

Management:[2]

  • Sultanov Jamil - Chairman of the Board of Directors
  • Jalil Nihad - Head of the Executive Office

Location

ICC’s headquarters is located at J. Jabbarly str., 40C, Baku, Azerbaijan 1065[4]

Affiliations

In July 2013, the company became a member of the Association of Risk Professionals of Azerbaijan.[11]

Past

History
  • The company was founded in 2002.[4]
  • One of the company’s first medical insurance contracts was with the Central Clinical Hospital in Azerbaijan in 2003. ICC had offered four different coverage levels.[12]

See also

References
  1. Missiya, International Insurance Company website (Azerbaijani language version) (Retrieved August 21, 2013)
  2. Management, International Insurance Company website (Retrieved August 21, 2013)
  3. A. Akhundov, "International Insurance Company's assets grew almost by 12 percent", Trend Daily Economic News, April 1, 2013 (Retrieved via Nexis on August 21, 2013)
  4. “Company Overview of International Insurance Company Limited Liability”, Bloomberg Businessweek (Retrieved August 21, 2013)
  5. About the company, International Insurance Company website (Retrieved August 21, 2013)
  6. Douglas Waits, "International Insurance Company wins 2013 insurance company award", CISTran Finance, 10 Oct 2013. Retrieved 18 Dec 2013.
  7. "IIC Becomes Insurance Partner of ASAN Xidmet Centre", Economic News (Information Agency Oreanda), April 30, 2013 (Retrieved via Nexis on August 21, 2013)
  8. A. Akhundov, "Nearly 65 percent of Azerbaijan Insurance Company fees and payments are for health insurance", Trend News Agency, Baku, Azerbaijan (Distributed by McClatchy-Tribune Business News), February 20, 2013 (Retrieved via Nexis on August 21, 2013)
  9. "International Insurance Company applied for compulsory insurance permission in Azerbaijan" Archived 2013-08-21 at Archive.today, ABC.Az, July 27, 2012. (Retrieved August 21, 2013)
  10. [URL "Moody's gives B2 rating to Azerbaijan's International Insurance Company"], News.Az, October 28, 2009. (Retrieved August 21, 2013)
  11. "IIC has become a corporate member of the Association of Risk Professionals", Turan Information Agency, July 26, 2013 (Retrieved via Nexis on August 21, 2013)
  12. Simon King, "Voluntary Medical Insurance Agreement Signed in Azerbaijan", IHS Global Insight, July 10, 2003 (Retrieved via Nexis on August 21, 2013)
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