Property and casualty insurer IT spending in 2024 remains steady at 4.2% of premium, continuing a trend from 2022. Large insurers are seeing rising cloud service costs, with run expenditures increasing to 64%. Midsize firms are cautiously maintaining spend while aiming for efficiency. AI is a top priority across the industry, with over a third exploring generative AI and strong interest in business intelligence. Key challenges include bandwidth, talent shortages, and staffing costs. Despite constraints, if the economic outlook holds, hiring conditions may improve by mid-year.

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