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An important economic branch was formed in Azerbaijan since midst of 19th century in connection with the development of the oil industry, i.e. the insurance market. The natural insurance sector of the time bore no national features and all insurance companies of the region were only the representatives of foreign insurance companies in Azerbaijan.

For instance we can refer to the British Lloyd. Company (mainly insurance the sea vessels), the Russian Lloyd and the German Line Levant Society (insuring both vessels and cargo). According to 1912 data the number of insurance companies functioning in Azerbaijan had reached 30. Line Levant Society (insurance both vessels and cargo). According to 1912 data the number of insurance companies functioning in Azerbaijan had reached 30.

Under governmental monopoly during the Soviet regime insurance lagged behind the international standards as other branches of economy carryng distinguishing and specific features, began to develop since 1991 when a number of laws and legislative acts were adopted. Thus, the process of formation of the insurance market meeting the mechanism of the market economy took start.

A number of insurance companies were set up in this country as an integrate part of the process. But the intensification of the market control for the last few years, increase of the minimum volume of authorized capital, perfection of the professionalism and level of servicing the companies has resulted in leaving the market by non-serious and conservative companies and arrival of new and more powerful companies to the market.

One of the new companies of the kind is our International Insurance Company (IIC). Having been registered last February and obtaining a special license to carry out insurance operations in the country our company has become the largest insurance company in Azerbaijan owing its authorized capital ($5 mln). The IIC services on such diversified types of insurance as property, vehicles, cargo, personal accident insurance, medical insurance, liability insurance, etc. and a number of such specific types of insurance as the insurance of financial risks, valuables, cash in transit etc. in general, on 25 types of insurance are open for our clients.

Although a year is a very short period for full formation of a company we have made all efforts to reach the objective we set for ourselves. We can say with confidence, that the preparation for all kinds of insurance has come to an end, the initial personnel of the company has been formed and we have managed to buy a new office for the company. Despite the fact that we devoted last year to the market research, to preparation of new products, defining the mechanism of insurance product sales, working out the plans of marketing, etc. last year can be considered successful for the company even from the point of insurance activity. As the total amount of insurance premium of the company within a year has been approximately 4 bln manats and payments 120 mln manats.

The IIC leadership pays special attention to the problem of personnel. The Company leadership consists of the most professional and experienced local and foreign experts of up-to-date thinking. The leading experts get educated at Chartered Insurance Institute of Great Britain and their professionalism is constantly improved.

We aim at meeting reliably, operatively and professionally to any insurance requirements of our clients.