The global insurance industry experienced a 39% decline in the number of cybersecurity-related patent applications in Q3 2023 compared with the previous quarter. The total number of cybersecurity-related grants rose by 15% in Q3 2023, according to GlobalData’s Patent Analytics. GlobalData’s databook Insurance: Patents Trends Q3 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 cybersecurity-related patent applications in the insurance industry was 97 in Q3 2023, versus 160 in the prior quarter.
The top five companies accounted for 21% of patenting activity
Analysis of patenting activity by companies shows that Allstate filed the most cybersecurity patents within the insurance industry in Q3 2023. The company filed 8 cybersecurity-related patents in the quarter, compared with 8 in the previous quarter. It was followed by State Farm Mutual Automobile Insurance with 5 cybersecurity patent filings, Ping An Insurance (Group) Company of China (3 filings), and NEC (2 filings) in Q3 2023.
Patenting activity was driven by the US with a 59% share of total patent filings
The largest share of cybersecurity related patent filings in the insurance industry in Q3 2023 was in the US with 59%, followed by China (28%) and South Korea (3%). The share represented by the US was 3% higher than the 56% share it accounted for in Q2 2023.
For further understanding of GlobalData's Insurance: Patents Trends Q3 2023, buy the databook here.