Insurers’ IT spending globally is expected to reach $140 billion in 2012, indicating a growth in premiums, according to a new report.

“IT spending is a function of company revenue,” said Catherine Stagg-Macey, Celent SVP and co-author of the report, “Global Perspective on IT Spending in Insurance.” “As premiums grow in a region, IT spending increases, which reflects rising costs such as labor and the reduced costs of hardware. IT can help reduce duplication of effort and costs. The smart application of technology allows a company to do the same things in a smarter way more quickly.”

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