The global insurance industry experienced a 3% decline in patent filings in Q1 2024 compared with the previous quarter. The total number of grants dropped by 22%, resulting in overall patent publications decreasing by 3.7%, according to GlobalData’s Patent Analytics. GlobalData’s databook Insurance: Patents Trends Q1 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.
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Notably, the number of patent applications in the insurance industry was 1,150 in Q1 2024, versus 1,194 in the prior quarter. Filings were down 3% year-on-year and increase 3% quarter-on-quarter. This compares to a 3% year-on-year increase in patent grants and 3% decline in quarter-on-quarter.
The top five companies accounted for 35% 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 196, followed by State Farm Mutual Automobile Insurance with 102 and Taikang Insurance Group with 36.
Patenting activity was driven by China with a 47% share of total patent filings
The largest share of patent filings in the insurance industry in Q1 2024 was in China with 47%, followed by the US (34%) and Japan (3%). The share represented by China was 2% higher than the 45% share it accounted for in Q4 2023.
For further understanding of GlobalData's Insurance: Patents Trends Q1 2024, buy the databook here.
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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.
