Many recent reports conclude times are good in the Asian insurance market. Asia’s insurance business was largely unaffected by the financial crisis compared to other parts of the world, Celent says. For its most recent report, the analyst firm questioned CIOs at regional and global carriers throughout Asia about their areas of business focus for 2010 and the state of their IT budgets.
While their IT budgets hold steady, Asian insurers will spend 1% to 3% of premium on IT in 2010, according to the report, “Asia Insurance—The Year Ahead.” Not including Japan, most Asian insurers only spend about 40% of the IT budget on maintenance and 60% on new projects. This is very unlike the UK or the United States, where insurers spend approximately 60% of the IT budget on maintenance.
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