Global information technology spending by insurance companies is expected to reach $140.6 billion in 2012, an increase of 6.3 percent over 2011, according to a new report from Celent, part of the Oliver Wyman (MMC) group. The figure is substantially higher than the 1.1 percent decline in growth experienced in 2011. According to Celent’s report - IT Spending in Insurance: A Global Perspective - it’s expected that global spending on IT products and services will "grow to $157.5 billion by 2014, a 5.8 percent CAGR from 2012 to 2014.