In what even Craig Weber felt was a surprise, the managing director of Celent's insurance practice disclosed IT spending among European insurers was greater than the amount being spent by their North American counterparts. The dollar figures are part of Celent's "IT Spending in Financial Services: A Global Perspective."

Weber believes one reason Europe's insurance community is outpacing North America is because Europeans are more aggressive right now in dealing with legacy platform renewal. "[The Europeans] are taking on the bigger, bolder projects," he says, adding Europeans lag behind North American insurers in terms of key technology, which contributes to the difference in spending levels.

The Celent report lists North American spending at $33.5 billion for 2007 with Europeans spending $41.7 billion and Asia Pacific insurers spending $20.6 billion. For 2008, the numbers are projected at $35.7 billion for North America, $46.5 billion for Europe, and $22 billion for Asia Pacific.

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