The global insurance industry experienced a 31% decline in the number of cybersecurity-related patent applications in Q2 2023 compared with the previous quarter. The total number of cybersecurity-related grants dropped by 24% in Q2 2023, according to GlobalData’s Patent Analytics. GlobalData’s Cybersecurity in Insurance – Thematic Research market report provides a detailed understanding of how Cybersecurity impacts the value chain in the Insurance sector, and the leading Cybersecurity adopters and vendors in the market. Buy the report here.
Notably, the number of cybersecurity-related patent applications in the insurance industry was 83 in Q2 2023, versus 121 in the prior quarter.
The top five companies accounted for 27% of patenting activity
Analysis of patenting activity by companies shows that State Farm Mutual Automobile Insurance filed the most cybersecurity patents within the insurance industry in Q2 2023. The company filed 10 cybersecurity-related patents in the quarter, compared with 20 in the previous quarter. It was followed by Allstate with 6 cybersecurity patent filings, Ant Group (2 filings), and Reliance Industries (2 filings) in Q2 2023.
Patenting activity was driven by the US with a 78% share of total patent filings
The largest share of cybersecurity related patent filings in the insurance industry in Q2 2023 was in the US with 78%, followed by China (16%). The share represented by the US was 11% higher than the 68% share it accounted for in Q1 2023.
To further understand GlobalData's analysis on Cybersecurity in Insurance - Thematic Research buy the report here.