The global insurance industry experienced a 34% decline in the number of insurtech-related patent applications in Q2 2023 compared with the previous quarter. The total number of insurtech-related grants dropped by 25% in Q2 2023, according to GlobalData’s Patent Analytics. GlobalData’s Insurtech – Thematic Research report explains the effect of the insurtech theme on the wider insurance industry, highlighting the leading AI disruptors and collaborators and key trends in the market. Buy the report here.

Notably, the number of insurtech-related patent applications in the insurance industry was 338 in Q2 2023, versus 510 in the prior quarter.

The top five companies accounted for 24% 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 2023. The company filed 38 insurtech-related patents in the quarter, compared with 39 in the previous quarter. It was followed by China Ping An Property and Casualty with 14 insurtech patent filings, Allstate (12 filings), and Ping An Insurance (Group) Company of China (9 filings) in Q2 2023.

Patenting activity was driven by the US with a 45% share of total patent filings

The largest share of insurtech related patent filings in the insurance industry in Q2 2023 was in the US with 45%, followed by China (35%) and Japan (4%). The share represented by the US was 2% higher than the 43% share it accounted for in Q1 2023.

For further understanding of GlobalData's Insurtech - Thematic Research buy the report here.

This content was updated on 2 August 2023

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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.