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US P&C Insurance Technology Spend Forecast 2022

How Providers Can Use Tech to Improve Profitability

Report by Eleni Digalaki  | Dec 15, 2022
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Table of Contents
Executive Summary
P&C Insurers Rely on Tech to Drive Profits
Where Are P&C Insurers Allocating Their Tech Budgets?
Read Next
Sources
Media Gallery
About This Report
IT and technology spending will register anemic mid-single-digit growth throughout our forecast period. Property and casualty tech leaders must maximize spending to support their organizations’ bottom line in a time of extraordinary pressures on profitability.
Topics
Insurance
Technology
United States
Table of Contents
Executive Summary
P&C Insurers Rely on Tech to Drive Profits
Where Are P&C Insurers Allocating Their Tech Budgets?
Read Next
Sources
Media Gallery

Executive Summary

IT and technology spending will register anemic mid-single-digit growth throughout our forecast period. Property and casualty (P&C) tech leaders must maximize spending to support their organizations’ bottom line in a time of extraordinary pressures on profitability.

Key Question: How can P&C insurers allocate budgets most effectively in today’s economic climate?

US Property and Casualty Insurance IT/Technology Expenses, 2018-2026 (billions)
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KEY STAT: US P&C insurance IT and technology spending will rise modestly in 2022, to $26.31 billion, as providers double down on underwriting effectiveness and lower-cost distribution.

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Table of Contents

  1. Executive Summary
  2. P&C Insurers Rely on Tech to Drive Profits
  1. Where Are P&C Insurers Allocating Their Tech Budgets?
  2. Read Next
  1. Sources
  2. Media Gallery

Charts in This Report

US Property and Casualty Insurance IT/Technology Expenses, 2018-2026 (billions)US Property and Casualty Insurance IT/Technology Expenses, 2019-2026 (billions and % change)

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authors

Eleni Digalaki

Contributors

Tyler Brown
Senior Analyst
Caitlin Cahalan
Researcher, Financial Services
Shelleen Shum
Senior Director, Forecasting