The global insurance industry experienced a 9% decline in patent filings in Q2 2023 compared with the previous quarter. The total number of grants rose by 35%, resulting in overall patent publications decreasing by 9.1%, according to GlobalData’s Patent Analytics. GlobalData’s Insurance Predictions 2023 report offers insights into the top technology, macro-economic and industry themes that will shape the insurance industry in 2023, and helps identify the leaders and laggards for the critical themes analyzed. Buy the report here.
Notably, the number of patent applications in the insurance industry was 837 in Q2 2023, versus 921 in the prior quarter. Filings were down 14% year-on-year and decrease 9% quarter-on-quarter. This compares to a 14% year-on-year decrease in patent grants and 9% decline in quarter-on-quarter.
Most patenting activity has been in the Financial Service Applications sector, where the number of patents filed Q1 2023 was 577, a drop of 2% versus the previous quarter. The second-largest patent count was in e-commerce (154, down 11%) and then Data & Database Management in third (139, down 31%).
The top five companies accounted for 22% of patenting activity
Analysis of patenting activity by companies shows that the largest number of patents filed over the last quarter was by State Farm Mutual Automobile Insurance with 82, followed by Allstate with 37 and Ping An Insurance (Group) Company of China with 29.
Patenting activity was driven by the US with a 48% share of total patent filings
The largest share of patent filings in the insurance industry in Q2 2023 was in the US with 48%, followed by China (28%) and Japan (4%). The share represented by the US was 0.81% higher than the 47% share it accounted for in Q1 2023.
For further understanding of GlobalData's Insurance Predictions 2023 – Thematic Intelligence, buy the report here.