IT Expense Ratios: Where Insurers Stand
The general IT spending ratio range of 2-4 percent still holds; more benchmarking data in Novarica’s recent report.
INN Breaking News, March 31, 2014
The majority of insurers report increasing or flat IT spending ratios, according to a benchmarking report from Novarica. Of the 80 percent of respondents that measure IT spending as a percentage of gross written premium, the average IT spending, as a percentage of gross written premium, is 2 percent for large (more than $1 billion in premium) and 5.8 percent for midsize (less than $1 billion in premium) life/annuity/health insurers, as well as 2.8 percent for large property/casualty insurers and 3.6 percent for midsize property/casualty insurers.
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