Much hasn’t changed for insurance IT budgets over the past few years, and the same should hold true for 2011. Based on responses from 122 of its Insurance Technology Research Council, Novarica predicts IT budgets for 2011 are poised to increase modestly across most classes of insurers.

According to Novarica’s report “US Insurers IT Budgets and Projects for 2011,” average projected 2011 IT budgets for insurers range from 2.2% of premium for large life/annuity/health insurers to 5.1% for small property/casualty insurers.

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