Total insurance IT spending across North America, Europe, and Asia-Pacific will grow to $140.2 billion in 2013, according to Celent, which represents an increase of 3.0 percent over 2012 spending. The increase is slightly lower than the 3.5 percent IT spending growth increase experienced in 2012.
This slight shift is a cautious but encouraging indicator of future growth, according to Celent, which released a new spending study: IT Spending in Insurance: A Global Perspective.
European and North American financial institutions currently account for 73.2 percent of the global IT investments by insurance companies. Firms in the Asia-Pacific region account for 20 percent, Latin America accounts for 3 percent, and the Middle East / Africa / Commonwealth of Independent States account for the remaining 3.8 percent.
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