The global insurance industry experienced a 12% decline in the number of cybersecurity-related patent applications in Q3 2022 compared with the previous quarter. The total number of cybersecurity-related grants rose by 5% in Q3 2022, according to GlobalData’s whitepaper on Cybersecurity in Insurance – Patenting Activity in Q3 2022.
Notably, the number of cybersecurity-related patent applications in the insurance industry was 106 in Q3 2022, versus 120 in the prior quarter.
Analysis of patenting activity by companies shows that China Investment filed the most cybersecurity patents within the insurance industry in Q3 2022. The company filed 11 cybersecurity-related patents in the quarter, compared with 0 in the previous quarter. It was followed by China Life Insurance (Group) with 3 cybersecurity patent filings, Honda Motor (1 filing), and Dalian University of Technology (1 filing) in Q3 2022.
The largest share of cybersecurity related patent filings in the insurance industry in Q3 2022 was in the US with 38%, followed by China (35%) and Australia (2%). The share represented by the US was 9% lower than the 47% share it accounted for in Q2 2022.