The global insurance industry experienced a 35% decline in the number of insurtech-related patent applications in Q3 2024 compared with the previous quarter. The total number of insurtech-related grants dropped by 20% in Q3 2024, according to GlobalData’s Patent Analytics. GlobalData’s databook Insurance: Patents Trends Q3 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 467 in Q3 2024, versus 713 in the prior quarter.
The top five companies accounted for 21% 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 Q3 2024. The company filed 59 insurtech-related patents in the quarter, compared with 46 in the previous quarter. It was followed by Allstate with 13 insurtech patent filings, Ping An Insurance (Group) Company of China (10 filings), and Swiss Re Asia Pacific (8 filings) in Q3 2024.
Patenting activity was driven by the US with a 37% share of total patent filings
The largest share of insurtech related patent filings in the insurance industry in Q3 2024 was in the US with 37%, followed by China (28%) and Japan (6%). The share represented by the US was 7% higher than the 30% share it accounted for in Q2 2024.
For further understanding of GlobalData's Insurance: Patents Trends Q3 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.
