The global insurance industry experienced a 2% rise in patent filings in Q4 2023 compared with the previous quarter. The total number of grants dropped by 28%, resulting in overall patent publications increasing by 2.4%, according to GlobalData’s Patent Analytics. GlobalData’s databook Insurance: Patents Trends Q4 2023 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 patent applications in the insurance industry was 1,122 in Q4 2023, versus 1,096 in the prior quarter. Filings were down 18% year-on-year and decrease 2% quarter-on-quarter. This compares to an 18% year-on-year decrease in patent grants and 2% rise in quarter-on-quarter.

Most patenting activity has been in the Reinsurance sector, where the number of patents filed Q3 2023 was 740, a rise of 5% versus the previous quarter. The second-largest patent count was in Medical Insurance (51, down 23%) and then Motor in third (19, down 60%).

The top five companies accounted for 30% of patenting activity

Analysis of patenting activity by companies shows that the largest number of patents filed over the last quarter was by Ping An Insurance (Group) Company of China with 114, followed by State Farm Mutual Automobile Insurance with 101 and China Ping An Property and Casualty with 70.

Patenting activity was driven by China with a 42% share of total patent filings

The largest share of patent filings in the insurance industry in Q4 2023 was in China with 42%, followed by the US (41%) and Japan (3%). The share represented by China was 0.1% higher than the 42% share it accounted for in Q3 2023.

For further understanding of GlobalData's Insurance: Patents Trends Q4 2023, buy the databook here.

This content was updated on 23 January 2024

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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 Patent Analytics tracks patent filings and grants from official offices around the world. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.