The global insurance industry experienced a 6% decline in patent filings in Q3 2023 compared with the previous quarter. The total number of grants rose by 33%, resulting in overall patent publications decreasing by 6.8%, 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 patent applications in the insurance industry was 948 in Q3 2023, versus 1,017 in the prior quarter. Filings were down 35% year-on-year and decrease 6% quarter-on-quarter. This compares to a 35% year-on-year decrease in patent grants and 6% decline in quarter-on-quarter.
Most patenting activity has been in the Reinsurance sector, where the number of patents filed Q2 2023 was 628, a rise of 2% versus the previous quarter. The second-largest patent count was in Medical Insurance (33, down 50%) and then Motor in third (21, down 36%).
The top five companies accounted for 33% of patenting activity
Analysis of patenting activity by companies shows that the largest number of patents filed over the last quarter was by Ping An Insurance (Group) Company of China with 101, followed by State Farm Mutual Automobile Insurance with 77 and Allstate with 68.
Patenting activity was driven by the US with a 43% share of total patent filings
The largest share of patent filings in the insurance industry in Q3 2023 was in the US with 43%, followed by China (37%) and Japan (3%). The share represented by the US was 0.16% higher than the 43% share it accounted for in Q2 2023.
For further understanding of GlobalData's Insurance: Patents Trends Q3 2023, buy the databook here.