International Insurance Company (Azerbaijani: Beynəlxalq Sığorta Şirkətinin) ("ICC") is an insurance company based in Baku, Azerbaijan. In the Azerbaijani language, it is called Beynəlxalq Sığorta Şirkətinin. The company was founded by the International 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.
Company Overview
Products
The company provides 34 types of insurance products.
Individual insurance services: Accident Car Property Travel
Business insurance services: Accident Air transport Cargo Construction Liability Machinery Marine Property Vehicle
Market
As of February 2013, the company ranked sixth in Azerbaijan in volume of claims paid. Approximately 65% of the company’s business is related to health insurance.
Financial Performance
Financials (2012): 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.
In 2009, the company was rated by Moody’s Investors Service and scored a “B2 (outlook: stable)” in the insurance company financial strength category.
Present
People
Management: 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
Affiliations
In July 2013, the company became a member of the Association of Risk Professionals of Azerbaijan.
Past
History
The company was founded in 2002. 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.