What Fueled The Previous Growth In The Blockchain In Insurance Market?
The blockchain in insurance market has seen considerable growth due to a variety of factors.
• The blockchain in insurance market has grown substantially in recent years. It will increase from $1.94 billion in 2024 to $3.11 billion in 2025, at a CAGR of 60.1%.
The growth can be traced to enhanced fraud prevention, streamlined claims processing, improved data security, greater transparency and trust, regulatory compliance, cost reductions, and heightened customer satisfaction.
What Is The Expected Growth In The Blockchain In Insurance Market Size Evolve over the Forecast Period?
The blockchain in insurance market is expected to maintain its strong growth trajectory in upcoming years.
• The blockchain in insurance market is projected to grow exponentially, reaching $20.3 billion by 2029, with a CAGR of 59.8%.
This growth is driven by the adoption of smart contracts, IoT integration, growth in parametric insurance, the expansion of consortiums and partnerships, regulatory evolution, data privacy concerns, and the increasing digitization of insurance. Key trends include blockchain interoperability, insurance asset tokenization, AI and ML integration, decentralized insurance models, oracle-based external data integration, blockchain-based identity verification, and privacy-preserving solutions.
What Main Forces Are Fueling Expansion In The Blockchain In Insurance Market?
The blockchain insurance market is expected to grow due to an increase in fraudulent insurance claims. This issue arises from economic pressures and a perceived ease of committing fraud, as well as insufficient fraud detection measures. Blockchain technology helps combat this by providing a transparent, immutable transaction ledger, ensuring that claims are verified and authenticated through decentralized consensus. Allianz Insurance reported an increase in claims fraud, with fraud rising from $89.55 million in 2022 to $98.04 million in 2023.
What Are The Primary Segments In The Global 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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How Are New Trends Impacting The Size Of The Blockchain In Insurance Market?
Companies in the blockchain insurance market are working on advanced solutions to improve transparency, speed up claims processing, and enhance security. For example, in January 2022, Etherisc, a Germany-based blockchain insurance company, launched an application that autonomously issues policies and processes payouts for flight delays and cancellations. Using Ethereum’s decentralized security and the Chainlink oracle framework, the application offers secure and transparent insurance without intermediaries.
Who Are the Key Players In 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 Is The Most Dominant Region In The Blockchain In Insurance Market?
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.
