Total insurance IT spending across North America, Europe, and Asia-Pacific will grow to US$140.2 billion in 2013, with continued growth to 154.5 in 2015—a CAGR of 5.0%. This upward shift is a cautious but encouraging indicator of future growth. However, estimates are down from last year, largely driven by regional economic impacts.
In a new report, IT Spending in Insurance: A Global Perspective, Celent analyzes IT spending trends across North America, Europe, Asia-Pacific, and Latin America. The report compares and contrasts the direction of IT spending trends. The growth is spread across the regions at various levels, with North America and Latin America seeing the highest growth rates.
European and North American financial institutions currently account for 73.2% of the global IT investments by insurance companies. Firms in the Asia-Pacific region account for 20%, Latin America accounts for 3%, and the Middle East / Africa / Commonwealth of Independent States account for the remaining 3.8%.
f“Regional uncertainty in Europe is putting a damper on insurance premiums and the resulting IT spending,” says Catherine Stagg-Macey, Senior Vice President with Celent’s Insurance Group and coauthor of the report. “North America has a respectable growth rate for the coming years, and the emerging markets continue to forecast very strong growth off a small base.”
This 38-page report contains 15 figures and 8 tables.
