Thursday, August 24, 2017

Only 14 percent of Sverdlovsk residents insured

On Monday, the SOGAZ Insurance Group announced that only 14 percent of households--or 1.78 million residents--in the Sverdlovsk region were insured against fire and other property damages in 2013.

The Sverdlovsk region holds the second-highest percentage of insured households, led only by the Tyumen region, where approximately 14.5 percent of households are insured. The third and fourth-highest percentage of insured households are found in the Kurgan and Chelyabinsk regions, with 12 percent and 11.1 percent said to have property insurance, respectively, according to Ural Business Consulting.

The private property insurance market in the Sverdlovsk region grew 12.3 percent in 2013 over the previous year, with household policies holding a combined value of $24 million. The median monthly fee for a private household insurance contract in 2013 reached $93--13.4 percent higher than in 2012. Many public policy officials have attributed the low level of household insurance in Russia to escalating fees.