OREANDA-NEWS. July 09, 2008. The International Insurance Company (IIC) is going to open its first foreign representation within the next 1-2 years. This information was given by Vusal Rajabli, newly appointed director of the Company’s marketing department in his interview, reported the press-centre of International Bank of Azerbaijan.

According to Mr.V.Rajabli, initially the Company plans to open two representations abroad, one of them will be in Tbilisi (Georgia), another one in Moscow (Russia): "Though no specific program has been developed for the time being, these plans will be implemented in the next future".

It’s important to note that Standard Insurance, amongst insurance companies acting in Azerbaijan, has first opened its representation and established a subsidiary abroad. Currently, the subsidiary of this company (“Standard Insurance Georgia”) established in December 2007 in the capital of Georgia has been in operation.

Let us remember that IIC, owned by International Bank of Azerbaijan, has been in operation since 2002. The Company earned AZN 10,897 million in premiums, paid AZN 2,095 million for insurance claims and got AZN 1,939 million in profit during 2007.

As of June 1, the Company’s authorized capital stood at AZN 8,8 million. The Company provides 29 voluntary and 4 compulsory types of insurance services.