blockchain in insurance industry analysis, blockchain in insurance market insights, blockchain in insurance market share, blockchain in insurance market size, blockchain in insurance market top players, blockchain in insurance market segments
How large is the blockchain in insurance market, and what is its growth trajectory?
The blockchain in insurance market size has grown exponentially in recent years. It will grow from $1.94 billion in 2024 to $3.11 billion in 2025 at a compound annual growth rate (CAGR) of 60.1%. The growth in the historic period can be attributed to increased fraud prevention, streamlined claims processing, improved data security, enhanced transparency and trust, regulatory compliance, cost reduction, and increased customer satisfaction.
The blockchain in insurance market size is expected to see exponential growth in the next few years. It will grow to $20.3 billion in 2029 at a compound annual growth rate (CAGR) of 59.8%. The growth in the forecast period can be attributed to the adoption of smart contracts, integration with IoT devices, the growth of parametric insurance, the expansion of consortiums and partnerships, the evolution of the regulatory landscape, a focus on data privacy and compliance, and increased insurance digitization. Major trends in the forecast period include blockchain interoperability, tokenization of insurance assets, integration with AI and ML, the emergence of decentralized insurance models, the use of oracles for external data integration, blockchain-based identity verification, and the development of privacy-preserving solutions.
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What are the key forces behind the blockchain in insurance market’s growth in recent years?
A growing number of fraudulent insurance claims is expected to propel the growth of blockchain in the insurance market going forward. Fraudulent insurance claims refer to dishonest or false claims made by policyholders or beneficiaries to insurance companies in order to obtain financial benefits to which they are not entitled. The increasing number of fraudulent insurance claims can be attributed to economic pressures leading individuals to seek financial gain through dishonest means, the perception that insurance fraud is easy and low-risk, and insufficient detection and investigation measures by insurance companies. Blockchain in insurance helps mitigate fraudulent insurance claims by providing a transparent and immutable ledger of transactions, ensuring that all claims are verified and authenticated through a decentralized consensus mechanism. For instance, in February 2024, according to Allianz Insurance plc, a Germany-based company offering insurance and asset management services, $98.04 million worth of claims fraud was identified in 2023, marking an increase from $89.55 million in 2022. Therefore, a growing number of fraudulent insurance claims is driving the blockchain in the insurance market.
What are the major segments of the blockchain in insurance market?
The blockchain in insurance market covered in this report is segmented –
1) By Component: Solution, Services
2) By Enterprise Size: Large Enterprises, Small And Medium-sized Enterprises
3) By Application: Identity Management And Fraud Detection, Claims Management, Payments, Governance Risk And Compliance (GRC) Management, Other Applications
4) By Sector: Life Insurance, Health Insurance, Title Insurance
Subsegments:
1) By Solution: Claims Management Solutions, Policy Management Solutions, Underwriting Solutions, Fraud Detection And Prevention Solutions, Reinsurance Solutions, Smart Contract Solutions, Decentralized Insurance Platforms
2) By Services: Consulting Services, Blockchain Integration And Implementation Services, Blockchain-As-A-Service (Baas), Support And Maintenance Services, Training And Education Services, Smart Contract Auditing Services
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Which companies dominate the blockchain in insurance market?
Major companies operating in the blockchain in insurance market are Microsoft Corporation, Amazon Web Services Inc. (AWS), Accenture plc, International Business Machines Corporation (IBM), Deloitte Touche Tohmatsu Limited, PricewaterhouseCoopers (PwC), Ernst & Young Global Limited, Oracle Corporation, KPMG International Cooperative, SAP SE, Capgemini SE, Lemonade Inc., R3 LLC, Metromile Inc., OneConnect Financial Technology Co. Ltd., Bitfury Group Limited, Guardtime AS, Insurwave, MetLife Insurance, Symbiont.io Inc., FidentiaX, ChainThat Limited, BTL Group, ConsenSys, Etherisc GmbH, Stratumn SAS, Kaleido Inc., Factom Inc., Auxesis Group, Everledger Ltd.
What major trends will shape the blockchain in insurance market during the forecast period?
Major companies operating in the blockchain insurance market are focusing on developing technologically advanced solutions, such as blockchain insurance to offer greater transparency, faster claims processing and enhanced security. Blockchain insurance is the use of blockchain technology to enhance transparency, efficiency, and security in the insurance industry by automating processes like claims, underwriting, and policy management. For instance, in January 2022, Etherisc, a Germany-based blockchain insurance company, launched a blockchain-backed insurance application. This system autonomously issues policies and processes payouts for flight delays and cancellations. By leveraging the decentralized security of the Ethereum blockchain and the Chainlink oracle framework, it ensures a secure and transparent solution for policyholders. This end-to-end process eliminates the need for intermediaries, streamlining the entire insurance experience.
What are the key regional dynamics of the blockchain in insurance market, and which region leads in market share?
North America was the largest region in the blockchain in insurance market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the blockchain in insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Blockchain In Insurance Market Report 2025 Offer?
The blockchain in insurance market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Blockchain in insurance refers to the application of blockchain technology to the insurance industry to improve processes like data management, claims processing, underwriting, and policyholder interactions. Blockchain is a decentralized, distributed ledger system that securely records and verifies transactions across a network of computers. Blockchain helps to eliminate paper-based systems, reduce human error, and make the insurance ecosystem more efficient.
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