Negative stories surround the financial industry right now, yet, even in the face of economic upheaval, most insurers say they won't slash IT spending this year.

On average, property/casualty carriers anticipate single-digit increases in their IT budgets this year over last year, while life and annuities firms expect single-digit IT spending cutbacks, says Matthew Josefowicz, director of insurance at Novarica, a New York-based research and advisory firm. "Overall, property/casualty companies and some life companies are continuing to hold spend relatively stable even in a very challenging time," Josefowicz observes.

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