Perhaps reports of the slowly improving economy have bolstered insurers' spirits and helped to green light IT projects that might otherwise have been tabled for next year. According to a joint report issued by Gartner and the Property Casualty Insurers Association of America’s (PCI), P&C insurers are spending more than expected in 2010 on IT projects.
Data from the fifth annual "Information Technology Spending Survey" shows that the planned IT spending increase from 2009 to 2010 is 7.4%. This figure is much higher than 0.2% increase survey respondents had planned for last year, but falls in line with a projected revenue increase of 5.3%. The planned spending increase is a dramatic departure from the 1.6% decrease from 2008 to 2009.
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