Spending on information technology (IT) by the
world’s insurance companies is rising and will reach a total of
$140.6bn in 2012, predicts Celent.
This level of spending on IT would represent
an increase of 6.3% compared with 2011 when, according to the
research firm, IT spending fell by 1.1%.
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Looking ahead, Celent anticipates that
insurers’ combined spending on IT will grow at an annual average of
5.8% over the next two years to reach $157.5bn in 2014.
According to Celent, European and North
American insurers account for 75% of global IT investment.
Asia-Pacific insurers account for 19%, Latin
American insurers for 3% and insurers in the rest of the world
3%.
Between 2012 and 2014, Celent predicts that IT
spending in North America will grow at a CAGR of 7.6% to reach
$58.6bn in 2014.
In Europe, IT spending will achieve a CAGR of
2.2% to reach $56.4bn in 2014, says Celent. Meanwhile, in Asia
Pacific, IT spending is expected to notch-up a 6.1% CAGR and reach
$29.6bn in 2014.
The fastest growth will be in Latin America
where insurers are expected to boost IT spending by 22% in 2012,
predicts Celent.
