The global insurance industry experienced a 44% drop in company filings mentions of cloud in Q2 2023 compared with the previous quarter, with the highest share accounted for by People’s Insurance Company (Group) of China with 25% year-on-year increase, according to GlobalData’s analysis of over 53 insurance company filings. The growing application of Cloud will prove to have a transformative impact on the insurance sector. GlobalData’s Cloud Market Size, Share and Trends, Analysis and Forecast report helps keep abreast of the latest trends in Cloud, market opportunity forecast and the competitive landscape. Buy the report here.

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Notably, cloud was one of the most frequently referenced themes in Q2 2023, ranking highest in terms of mentions, ahead of mobile and robotics, according to GlobalData.

Of the top leading companies in the insurance industry, People's Insurance Company (Group) of China had the greatest increase in references for cloud in Q2 2023, compared with the previous quarter. GlobalData identified five cloud-related sentences in the company's filings - 0.1% of all sentences - and an increase of 25% in Q2 2023 compared with Q2 2022. PICC Property and Casualty’s mentions of cloud dropped by 33% to 4 and Principal Financial Group’s by 300% to 4 and Bajaj Finserv’s by 200% to 3 and Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft (Munich Re)’s by 40% to 3.

GlobalData’s Company Filings Analytics also applies sentiment weight to reference sentences, based on whether the sentences are positive, negative, or neutral. Starting at 100 in 2020, an index over 100 is more positive. The overall index for cloud in Q2 2023 was 102.

To further understand GlobalData's analysis on Cloud Computing Market Size, Share, Trends, Analysis and Forecast by IT Infrastructure, Products and Services (Cloud Management Platforms, IaaS, SaaS, PaaS, Hybrid, Managed and Private Cloud Services), Region and Vertical, 2022-2026, buy the report here.

This content was updated on 5 August 2023

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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.

GlobalData’s Company Filings Analytics uses machine learning to uncover key insights and track sentiment across millions of regulatory filings and other corporate disclosures for thousands of companies across the world’s largest industries.