Global IT spending by insurance companies will reach $140.2 billion by the end of 2013, according to a new report.
Celent, a research advisory unit of the management consulting firm Oliver Wyman, New York, published this finding in an executive summary of a new report, “IT Spending in Insurance: A Global Perspective.”
The report reveals that European insurers currently spend the most on IT, closely followed by North American insurers. Insurers in Europe account for 36.8 percent of global IT spending, while North American insurers spend 36.4 percent. Insurers in the Asia-Pacific region account for 19.9 percent, Latin America 3 percent, and the rest of the world accounts for 3.8 percent.
By 2015, the report adds, North American insurers are expected to overtake European insurers and account for nearly 38 percent of global IT spending.