Rapid economic growth and increased income in China have increased the country's need for insurance, adding to the importance of information technology for insurers, according to a new report from the research and advisory firm Celent.

Reform of the pension and medical insurance systems also has provided a broad base for the development of commercial insurance, the researcher noted in the report, "China Insurance Market and Technology Overview 2008."

"Insurance companies in China have increasingly recognized the importance of information technology in improving the competitiveness of enterprises and have subsequently invested a greater amount of resources in IT spending," said Celent. "It is expected that from 2008 to 2010, China's insurance market will experience sustained and rapid development, with a high-speed annual growth rate of around 20 percent."

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