The global insurance industry experienced a 27% rise in the number of blockchain-related patent applications in Q2 2024 compared with the previous quarter. The total number of blockchain-related grants dropped by 26% in Q2 2024, according to GlobalData’s Patent Analytics. GlobalData’s databook Insurance: Patents Trends Q2 2024 offers comprehensive insights into patenting trends, major players’ strategies, and geographical focus in the sector over the last three years. Buy the databook here.
Notably, the number of blockchain-related patent applications in the insurance industry was 76 in Q2 2024, versus 60 in the prior quarter.
The top five companies accounted for 30% of patenting activity
Analysis of patenting activity by companies shows that State Farm Mutual Automobile Insurance filed the most blockchain patents within the insurance industry in Q2 2024. The company filed 18 blockchain-related patents in the quarter, compared with 9 in the previous quarter. It was followed by Ford Motor with 2 blockchain patent filings, Aon (1 filing), and Microsoft (1 filing) in Q2 2024.
Patenting activity was driven by the US with an 86% share of total patent filings
The largest share of blockchain related patent filings in the insurance industry in Q2 2024 was in the US with 86%, followed by China (3%) and Australia (1%). The share represented by the US was 29% higher than the 57% share it accounted for in Q1 2024.
For further understanding of GlobalData's Insurance: Patents Trends Q2 2024, buy the databook here.
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