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Financial Insights Europe Predicts 3.2% Five-Year CAGR in Western European Insurance Sector
IT Software Highest Growth at 4.8%
In another year characterized by terrorism and natural disasters, the most dynamic insurance companies have been able to limit the related damages while grabbing new opportunities arising from an ageing population, pension reforms, and capital market performance.
"Insurance companies' 2005 results have been mixed, and insurance companies that do not engage in improved analytics to better manage the risk related to accidental events are expected to face huge costs," said Angela Vacca, senior research analyst for the European IT Opportunity: Financial Services program.
In a changing panorama in which consolidation continues both at national and international levels, and with new regulations such as Solvency II quickly approaching, insurance companies are expected to continue investing in new IT solutions, even though IT costs will continue to remain under scrutiny.
In this context the life segment is brighter and more dynamic, while the non-life segment is more stagnant due to its higher level of maturity. Therefore, in the non-life segment, cost containment is more important, while in the life segment the main focus is on innovation, product differentiation, and enhancement of the customer experience.
On a country level, Financial Insights highlights relevant differences between Benelux, the Nordics, Spain, and Switzerland, all growing well above the Western European average, while Germany and Italy are still weaker than the rest of Europe.
The Financial Insights report, Western Europe Insurance Sector 2005–2009 Forecast Update, by Angela Vacca (Financial Insights #FI04N, March 2006), provides a comprehensive view of IT spending dynamics in the Western European insurance industry for the period 2004–2009.
The first part of the report outlines the general landscape in which Western European insurance companies are acting. The second part is dedicated to the quantitative analysis of the IT spending forecasts for Western Europe and for the eight major European countries (Benelux, France, Germany, Italy, the Nordics, Spain, Switzerland, and the U.K.) for the period 2004–2009. These forecasts are also split by hardware, packaged software, and IT services, and therefore provide an in-depth view of IT spending patterns in the Western European insurance industry. In addition, this research provides an analysis of how IT vendors should position their products and services in a changing market and how they should adapt their go-to-market strategy.
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