While the insurance industry is seeing some fallout from the current economic crisis, two industry analysts predict that IT budgets here and abroad will feel little effect from such events.
According to independent market analyst Datamonitor, "IT budgets should be more stable than those in the banking sector, with neither robust spending [nor] dramatic budget cuts likely to materialize, and spending priorities shifting toward risk management and compliance."
London-based Datamonitor reported that in its "Business Trends: Global Insurance Technology Trends" survey of 200 global insurers in the first half of 2008, 61 percent of non-life insurers and 47 percent of life insurers said they were planning to increase investment in risk management and compliance systems in 2009.
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