Some observers think that we are at the beginning of the end of this financial crisis and its consequences while others believe this is just the end of the beginning. Celent has given its thoughts on the impact of the financial crisis on insurers in a report published in September last year: Bad News on the Street: Insurance IT Strategy and the Financial Crisis.

Since then the crisis has become a global recession and its impacts are affecting the financial industry as a whole. Of course, the insurance sector is also hit and strategists have to respond with appropriate actions. Definitely one of them and certainly one of the most important one has to deal with costs reduction. In a recent article published by Bloomberg, whose title is “Insurers May Be Forced to Reduce Costs, Outsource,” it appears that European insurers of all sizes are starting to implement drastic measures in order to reduce costs.

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