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The Right Direction

Budgets don't appear to be a problem in 2008, according to insurers and analysts. The challenge, however, will be determining the correct course for the business side, which they believe will require

By Robert Regis Hyle | Updated on December 31, 2007

If insurance analysts didn’t invent the term cautiously optimistic, they should have. A viewpoint expressed often, it’s as important a part of the lexicon at this time of year as “Happy New Year.” IT budgets appear to be headed up, if only slightly, and considering the fact the property/casualty insurance industry is dealing with a softening market, there could be worse news for insurance IT leaders.

Craig Weber, managing director of Celent’s insurance practice, finds there are exceptions on each end of the spending scale, though. “If you look at responses to our CIO survey, there are hot wires on either end of that scale, so you could be looking at a 10 percent budget decrease or a 15 percent budget increase at individual companies,” he says. “Overall, I think the industry is two to three percent on the rise.”

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