The global insurance industry experienced a 4% decline in the number of insurtech-related patent applications in Q3 2023 compared with the previous quarter. The total number of insurtech-related grants dropped by 2% 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 insurtech-related patent applications in the insurance industry was 614 in Q3 2023, versus 641 in the prior quarter.
The top five companies accounted for 31% 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 Q3 2023. The company filed 57 insurtech-related patents in the quarter, compared with 17 in the previous quarter. It was followed by China Ping An Property and Casualty with 46 insurtech patent filings, State Farm Mutual Automobile Insurance (43 filings), and Allstate (32 filings) in Q3 2023.
Patenting activity was driven by China with a 46% share of total patent filings
The largest share of insurtech related patent filings in the insurance industry in Q3 2023 was in China with 46%, followed by the US (32%) and South Korea (4%). The share represented by China was 10% higher than the 36% share it accounted for in Q2 2023.
For further understanding of GlobalData's Insurance: Patents Trends Q3 2023, buy the databook here.