As we near the midpoint of 2008, it is time for insurance carriers to begin gearing up for 2009. Complicating the forecasts is the continuing soft market, the uncertain status of the dollar throughout the world, and an economy that could use a boost. Consider these as a hurricane, a tornado, and an earthquake for the financial side of the industry.
Just as catastrophes are not for the faint of heart in the insurance industry, neither are difficult financial times. As Larry Danielson of Deloitte puts it, "This is not the time to reduce spend."
But it's not a time to be overly ambitious, either. "Most [insurers] will be flat with their spending year to year," says Danielson, principal and national insurance information technology practice leader for the consulting group. "From '08 to '09, that's what I'm hearing, and that goes for life and P&C."
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