February 4, 2014. The accumulated fees of insurance companies located in Sverdlovsk Region will come to 22.3bn RUR in 2013 (excluding the obligatory medical insurance payments). The local insurance market growth is to slow down to 10.7% a year compared with 30.7% a year earlier, SOGAZ Insurance Group's Analytic Research & Market Forecast Center reports.

'According to our forecasts, slower growth will become noticeable in nearly all the large market segments. For one, life insurance market is now growing 35.7% a year rather than 52.3% a year. What is more, a decline occurred in the railway vehicles, cargo, financial and business risk, and obligatory hazardous facilities insurance sectors as well as some others. At the same time, we expect the legal entities and private individuals insurance segment is expected to grow by 10.2% (compared with - 0.7% in 2012), says SOGAZ Director in Ural Federal District Tatiana Kovaleva.

She says the decrease in the insurance market growth has to do with the downward trend in the Russian economy on the whole, large corporations cutting down on their insurance budgets, and the fact that private individuals have been taking out fewer loans lately.