Celent reports the findings of its annual survey of US Insurance CIOs. The more buoyant and positive results of this year’s survey reflect a sense that the bottom of the US recession has been reached and that perhaps a recovery is under way.

In a new report, 2010 US Insurance CIO Survey: Pressures, Priorities, and Practices, Celent highlights business issues and IT priorities reported by property/casualty and life/health CIOs. Findings include allocation of resources for new initiatives, year-to-year changes in IT budgets, and the anticipated evolution of technology platforms over the next three years.

“There is a modest increase in year-over-year total IT spending growth, showing a positive trend from a year earlier,” says Craig Weber, Senior Vice President of Celent’s Insurance group and coauthor of the report. “Spending on core systems will see a significant year-over-year increase.”

“Multiyear core system initiatives are the biggest big ticket items,” adds Donald Light, senior analyst with Celent's Insurance group and coauthor of the report.