Global information technology expenditure of insurance is expected to reach $140.6 billion in the year 2012, an increase of 6.3 percent in 2011, according to a new report from Celent, part of Oliver Wyman (MMC) group. The figure is significantly higher than the decline in growth experienced the 1.1 per cent in 2011.
According to the Celent report IT expenditure in the accident insurance: A global perspective - it is expected, that spending on IT products and services are global "a 5.8 per cent grow CAGR to $157.5 billion by 2014 from 2012 to 2014."
Celent other key findings summarized in his report as follows:
• European insurers spend currently most, closely followed by North American insurers. Insurer in Europe accounts for 40 percent of global IT spending, while North American insurers spend 35%. Insurer in the Asia Pacific region for 19 percent, Latin America 3%, and the rest of the world accounts for the remaining 3 percent.
• European insurers spend $ 54.1 billion in 2012 compared to 50.6 billion $ of North American insurers, 26.3 billion $ of Asia Pacific insurers and $5.3 billion by the Latin American insurers.
• See all regions is the fastest growth in the insurance companies in Latin America, with IT spending increase seen 22 percent in the year 2012 and a CAGR of 19.4 percent from 2012 to 2014 will be. Growth will continue to grow in this region and $6 .2 billion in 2014 will reach expected to total expenditure Latin America. Growth experience rock climbing North America until 2014, while Europe will fight. IT spending in North America is to 58.6 billion $ in 2014, rise a CAGR of 7.6 per cent from 2012 to 2014. IT spending in Europe scrambling to 56.4 billion $ in 2014, a CAGR of 2.2 percent from 2012 to 2014. Asia-Pacific is expected to grow at a relatively low rate (6.1% CAGR). Issues in this region grow to $29.6 billion in 2014.
• Although there are many ways, share the output of pie the most telling indicator of future spending, investment in new IT projects and growth concerns. Celent estimates of the total investment in it in 2012 that 56 percent maintenance will be dedicated to. Compared to other financial institutions insurance companies are expected to as banks or investment firms to spend more on new IT activities of investment. The economic conditions and the financial crisis continue to impact new capital expenditure, but insurers are aware of the benefits of modernization old technology, improvement of internal procedures and processes, and improve the agent and user interactions and see the need for investment in new it. The desire to keep up with new and innovative technologies drives and insurer invest.
Source: Celent
According to the Celent report IT expenditure in the accident insurance: A global perspective - it is expected, that spending on IT products and services are global "a 5.8 per cent grow CAGR to $157.5 billion by 2014 from 2012 to 2014."
Celent other key findings summarized in his report as follows:
• European insurers spend currently most, closely followed by North American insurers. Insurer in Europe accounts for 40 percent of global IT spending, while North American insurers spend 35%. Insurer in the Asia Pacific region for 19 percent, Latin America 3%, and the rest of the world accounts for the remaining 3 percent.
• European insurers spend $ 54.1 billion in 2012 compared to 50.6 billion $ of North American insurers, 26.3 billion $ of Asia Pacific insurers and $5.3 billion by the Latin American insurers.
• See all regions is the fastest growth in the insurance companies in Latin America, with IT spending increase seen 22 percent in the year 2012 and a CAGR of 19.4 percent from 2012 to 2014 will be. Growth will continue to grow in this region and $6 .2 billion in 2014 will reach expected to total expenditure Latin America. Growth experience rock climbing North America until 2014, while Europe will fight. IT spending in North America is to 58.6 billion $ in 2014, rise a CAGR of 7.6 per cent from 2012 to 2014. IT spending in Europe scrambling to 56.4 billion $ in 2014, a CAGR of 2.2 percent from 2012 to 2014. Asia-Pacific is expected to grow at a relatively low rate (6.1% CAGR). Issues in this region grow to $29.6 billion in 2014.
• Although there are many ways, share the output of pie the most telling indicator of future spending, investment in new IT projects and growth concerns. Celent estimates of the total investment in it in 2012 that 56 percent maintenance will be dedicated to. Compared to other financial institutions insurance companies are expected to as banks or investment firms to spend more on new IT activities of investment. The economic conditions and the financial crisis continue to impact new capital expenditure, but insurers are aware of the benefits of modernization old technology, improvement of internal procedures and processes, and improve the agent and user interactions and see the need for investment in new it. The desire to keep up with new and innovative technologies drives and insurer invest.
Source: Celent
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