The global insurance industry experienced a 4% rise in the number of insurtech-related patent applications in Q4 2023 compared with the previous quarter. The total number of insurtech-related grants dropped by 18% in Q4 2023, 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 insurtech-related patent applications in the insurance industry was 745 in Q4 2023, versus 717 in the prior quarter.

The top five companies accounted for 25% of patenting activity

Analysis of patenting activity by companies shows that China Ping An Property and Casualty filed the most insurtech patents within the insurance industry in Q4 2023. The company filed 70 insurtech-related patents in the quarter, compared with 12 in the previous quarter. It was followed by State Farm Mutual Automobile Insurance with 46 insurtech patent filings, Ping An Insurance (Group) Company of China (33 filings), and Allstate (19 filings) in Q4 2023.

Patenting activity was driven by China with a 49% share of total patent filings

The largest share of insurtech related patent filings in the insurance industry in Q4 2023 was in China with 49%, followed by the US (30%) and Japan (4%). The share represented by China was 2% higher than the 47% 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.