The insurance industry is not immune from changes occurring at the marcroeconomic level. Based on our frequent and periodic discussions with European CIOs, we have noticed that the level of uncertainty prevailing in the economy right now has contributed to reduced IT budgets (for more about this, read Celent's report: Insurance in France 2011: The CIO Perspective and Insurance in the United Kingdom 2011: The CIO Perspective).
Much has been said and much has been proposed to solve the current Euro-zone crisis initially triggered by the Greek sovereign debt issue during the first quarter of last year. But nothing, even the decisions made in the frame of multiple political meetings (G7, G20, etc.), prevented the issue from spreading over to Ireland and Portugal later that same year. Nowadays, the Euro zone is still in danger of disappearing—at least under its existing form—despite its member state political leaders’ latest decisions last week in the G20 in Cannes. Italy is the new country in the line of fire, and it seems that as time passes, the problem is getting worse. I personally think there are three interesting lessons we can learn from this crisis:
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