International Insurance Company

International Insurance Company, commonly abbreviated as ICC and known in Azerbaijani as Beynəlxalq Sığorta Şirkəti, was an insurance company headquartered in Baku, Azerbaijan. The company was established in 2002 by the International Bank of Azerbaijan and developed a broad portfolio of personal and commercial insurance products for the Azerbaijani market. Its individual insurance offerings included accident, motor, property, and travel coverage. For businesses, the company offered insurance connected with accidents, aviation, cargo, construction, liability, machinery, marine risks, property, and vehicles. The available reference material describes a portfolio of 34 insurance products, indicating a strategy centered on breadth across retail and corporate lines rather than a narrowly specialized proposition. Health insurance was particularly important to ICC. Approximately 65% of its business was associated with health insurance, and one of its early medical-insurance contracts was signed with Azerbaijan’s Central Clinical Hospital in 2003. That agreement reportedly offered four levels of coverage, marking an early step in the company’s development of institutional and healthcare-related business. ICC occupied a measurable position in Azerbaijan’s insurance sector during the early 2010s. In February 2013, it ranked sixth in the country by the volume of claims paid. In July of the same year, the company joined the Association of Risk Professionals of Azerbaijan, expanding its links with the country’s professional risk-management community. In autumn 2013, International Finance magazine named ICC its Best Insurance Company in 2013; the reference material describes ICC as the only Azerbaijani insurance-industry company to receive that award. The company’s reported 2012 financial figures included AZN 22.2 million in assets, AZN 17.18 million in revenue, AZN 16.44 million in expenses, and net profit of AZN 574,700. Aggregate capital was reported at AZN 8.87 million, aggregate liabilities at AZN 13.33 million, and utilized authorized capital at AZN 8.8 million. These figures are historical and do not establish the company’s present financial condition. Moody’s Investors Service assigned ICC a B2 insurance financial-strength rating with a stable outlook in 2009. The available material does not establish whether the company remains active, has changed ownership, or has ceased operations.

International Insurance Company was founded in Azerbaijan in 2002 by the International Bank of Azerbaijan. It was established as a broad-based insurance business serving the domestic market from its base in Baku. The available historical record does not provide a detailed account of its incorporation, initial capitalization, or early organizational structure. The company entered the medical-insurance field at an early stage. In 2003, it concluded one of its first reported medical-insurance contracts with Azerbaijan’s Central Clinical Hospital. The arrangement offered four coverage levels and illustrated ICC’s interest in institutional healthcare insurance. Over time, health insurance became the company’s principal reported business area, accounting for approximately 65% of its activity according to the available reference material. ICC also built a diversified product portfolio. It offered personal insurance for accidents, cars, property, and travel, while its business products covered accidents, air transport, cargo, construction, liability, machinery, marine risks, property, and vehicles. The company was described as offering 34 types of insurance products. This range positioned it as a general insurer rather than a company focused on a single line of risk. By the late 2000s, the company had attracted external credit-quality attention. Moody’s Investors Service rated ICC B2 in the insurance financial-strength category in 2009 and assigned a stable outlook. The rating is a historical observation and should not be interpreted as a current assessment because the available material does not provide later rating information. ICC had a visible position in the Azerbaijani market by the early 2010s. In February 2013, it ranked sixth in Azerbaijan by the volume of claims paid. In July 2013, it joined the Association of Risk Professionals of Azerbaijan, linking the insurer with a professional organization focused on risk expertise. In autumn 2013, International Finance magazine gave ICC its Best Insurance Company in 2013 award. The available account states that ICC was the only company in Azerbaijan’s insurance industry to receive that recognition. Reported 2012 results provide a snapshot of the company’s scale during that period. Assets were listed at AZN 22.2 million, revenue at AZN 17.18 million, expenses at AZN 16.44 million, and net profit at AZN 574,700. Aggregate capital was AZN 8.87 million, aggregate liabilities were AZN 13.33 million, and utilized authorized capital was AZN 8.8 million. A separate figure placed overall capital at AZN 5.5 million in July 2012; the reference does not explain the difference between that figure and the year-end aggregate-capital figure. The historical management listing identified Jamil Sultanov as chairman of the board of directors and Nihad Jalil as head of the executive office. The available sources do not establish their tenure dates or the company’s subsequent leadership. They also do not clarify whether International Insurance Company continues to operate, was renamed, was merged, or was dissolved. Accordingly, its present status remains unknown.

• 2013

  Professional association membership

  [1]International Insurance Companyen.wikipedia.org

  ICC joined the Association of Risk Professionals of Azerbaijan in July.

• 2013

  International Finance award

  [1]International Insurance Companyen.wikipedia.org

  International Finance magazine recognized ICC as Best Insurance Company in 2013.

• 2009

  Moody’s financial-strength rating

  [1]International Insurance Companyen.wikipedia.org

  Moody’s Investors Service assigned the insurer a B2 rating with a stable outlook in the insurance financial-strength category.

• 2003

  First reported hospital insurance contract

  [1]International Insurance Companyen.wikipedia.org

  ICC entered into an early medical-insurance contract with Azerbaijan’s Central Clinical Hospital, offering four levels of coverage.

• 2002

  Company founded

  [1]International Insurance Companyen.wikipedia.org

  International Insurance Company was established in Azerbaijan by the International Bank of Azerbaijan.

A diversified Azerbaijani insurer serving both individual and business customers, with health insurance representing the largest reported share of its business.

• Personal and institutional insurance · 2003

  Health insurance

  Health insurance was the company’s most significant reported business area, accounting for approximately 65% of its business. ICC’s early medical-insurance activity included a contract with Central Clinical Hospital in 2003 that provided four coverage levels.

• Retail insurance

  Individual insurance portfolio

  The individual portfolio included accident, car, property, and travel insurance. These products addressed common personal risks and gave the company a broad retail presence alongside its corporate business.

• Commercial insurance

  Business insurance portfolio

  Commercial coverage included accident, air transport, cargo, construction, liability, machinery, marine, property, and vehicle insurance. The range served operational, asset, transport, and third-party-liability risks for businesses.

• 2013

  Join the Association of Risk Professionals of AzerbaijanStrategy

  Background

  ICC sought participation in Azerbaijan’s professional risk-management community.

  Action taken

  The company became a member of the Association of Risk Professionals of Azerbaijan in July 2013.

  Aftermath

  The available sources do not describe specific operational or commercial effects of the membership.

  Source

• 2003

  Expand into institutional medical insuranceStrategy

  Background

  The newly established insurer was developing its healthcare business in Azerbaijan.

  Action taken

  ICC entered into a medical-insurance contract with Central Clinical Hospital with four coverage levels.

  Aftermath

  Health insurance later represented approximately 65% of the company’s reported business.

  Source

1. 1International Insurance Companyen.wikipedia.org