In a softening market, insurers tend to reign in IT spending. However, until now, insurers operating in the European Union were never asked to lay bare the mechanisms they use to account for risk. So, as the date of being compelled to account for their innermost workings nears, European insurers are reaching for their wallets.
A new report from Boston-based Celent finds that IT spending on risk management systems to comply with Pillar 2 of the forthcoming Solvency II regulations will be high. In total, Celent estimates that European insurers will budget between 700 million and 900 million euros for new IT projects in order to comply with Solvency II. The consultancy also thinks that the proportion spent on new IT compliance and control projects will continue to grow over the next three to four years.
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