The global insurance industry experienced an 11% decline in the number of insurtech-related patent applications in Q1 2024 compared with the previous quarter. The total number of insurtech-related grants dropped by 9% in Q1 2024, 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 insurtech-related patent applications in the insurance industry was 703 in Q1 2024, versus 786 in the prior quarter.
The top five companies accounted for 23% of patenting activity
Analysis of patenting activity by companies shows that Ping An Insurance (Group) Company of China filed the most insurtech patents within the insurance industry in Q1 2024. The company filed 49 insurtech-related patents in the quarter, compared with 68 in the previous quarter. It was followed by State Farm Mutual Automobile Insurance with 41 insurtech patent filings, China Ping An Property and Casualty (33 filings), and China Life Insurance (23 filings) in Q1 2024.
Patenting activity was driven by China with a 52% share of total patent filings
The largest share of insurtech related patent filings in the insurance industry in Q1 2024 was in China with 52%, followed by the US (32%) and Japan (4%). The share represented by China was 9% higher than the 43% 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.
