The global insurance industry experienced a 16% decline in the number of insurtech-related patent applications in Q2 2024 compared with the previous quarter. The total number of insurtech-related grants rose by 13% in Q2 2024, according to GlobalData’s Patent Analytics. GlobalData’s databook Insurance: Patents Trends Q2 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 insurtech-related patent applications in the insurance industry was 643 in Q2 2024, versus 768 in the prior quarter.
The top five companies accounted for 17% of patenting activity
Analysis of patenting activity by companies shows that State Farm Mutual Automobile Insurance filed the most insurtech patents within the insurance industry in Q2 2024. The company filed 44 insurtech-related patents in the quarter, compared with 46 in the previous quarter. It was followed by China Ping An Property and Casualty with 29 insurtech patent filings, Toyota Motor (15 filings), and Allstate (11 filings) in Q2 2024.
Patenting activity was driven by China with a 48% share of total patent filings
The largest share of insurtech related patent filings in the insurance industry in Q2 2024 was in China with 48%, followed by the US (30%) and Japan (4%). The share represented by China was 4% lower than the 52% share it accounted for in Q1 2024.
For further understanding of GlobalData's Insurance: Patents Trends Q2 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.
