Insurer technology investments to increase

Insurance companies plan to spend more on information technology in 2012, according to research firm Celent.

Globally, IT spending will increase by 6.4% over 2011, reaching more than $140 billion.

In North America, which together with Europe accounts for 75% of global IT investments by insurance companies, spending is expected to climb to more than $58 billion.

Latin America will see the fastest growth in IT investments by insurance companies, at 22%.

“The overall spending picture looks upbeat,” noted Catherine Stagg-Macey, Celent’s senior vice president and one of the report’s authors. “The explosion in investment in Latin America really masks a more benign growth in Europe.”