Insurance companies spend $1.6 bln yearly on e-commerce

Celent predicts that total insurance IT spending devoted to e-business is about $1.6 bln today and will grow cautiously at about 5% per year over the next two years. These trends have been observed by Celent over the course of its ongoing research and supported by data from its recent online survey of more than 65 insurance executives. E-business accounts for 5-15% of property and casualty insurers IT spending. Among life and health insurers the percentage of IT spending is 3-1%.