Fort Collins, Colorado, Nov. 03, 2023 (GLOBE NEWSWIRE) — According to DataHorizzon Research, the Blockchain in Insurance Market was valued at USD 1.8 Million in 2022 and is expected to have a market size of USD 98.9 Million by 2032 at a CAGR of 49.7%.
Blockchain in insurance includes integrating blockchain technologies such as distributed ledger and smart contracts in the insurance sector. This technology can be useful in insurance for faster and transparent claim processing and automating manual processes. The various application of this technology involves its usage for specialty insurance, automated claim processing, and subrogation in insurance claims, among others.
The higher security of blockchain technology is another factor driving market growth. Blockchain technology is also immutable, meaning a single party cannot alter or modify stored data. It also uses sophisticated data encryption and authentication measures to improve security. Furthermore, blockchain’s distributed ledger technology (DLT) uses multiple nodes or separate devices to store data. Thus, a single point of failure leading to a cyber-attack is difficult with this system. Several insurance businesses have adopted distributed ledger technology across various business units. These various measures increase the blockchain system’s security, increasing demand in the insurance sector.
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Segmentation Overview:
The global blockchain in insurance market has been segmented into component, enterprise size, service provider, and region. The large enterprise segment held the dominant blockchain insurance market share in 2022. The rising adoption of blockchain technologies by major players such as Aegon, Prudential, MetLife, AIA, AIG, and Munich Re, among others, is contributing to segment growth. By region, North America held the largest market share in the blockchain in insurance market in 2022. This can be attributed to the high adoption of technology in this region. Various prominent banks in this region, such as JPMorgan, Goldman Sachs, and HSBC, are adopting blockchain technology due to the numerous benefits offered by this technology.
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Blockchain in Insurance Market Report Highlights:
- The global blockchain in insurance market growth is anticipated at a CAGR of 49.7% by 2032.
- The various benefits, such as improvisation in the insurance claims, underwriting, and administration with the integration of blockchain technology, are a major factor contributing to market growth.
- The market is segmented into large enterprises and SMEs based on the enterprise size.
- Based on the service provider, the market is segmented into application & solution provider, middle-ware provider, and infrastructure & protocol provider.
- Some prominent players in the blockchain in insurance market report include AIA, Aon plc, Marsh LLC, Galileo Platform, Re, MAPFRE, ConsenSys, Deloitte, Earth port, Everledger, Factom, Lemonade Insurance Agency, LLC, Etherisc GmbH, ZA Tech. and BTL group among others.
Industry Trends and Insights:
- In July 2023, Blockchain-based reinsurer Re announced a partnership with VIPR Solutions. The partnership enhances security, streamlines the involved processes, and increases transparency. It also interlinks insurance intermediaries such as MGAs, underwriters, and reinsurance brokers.
- In July 2023, the U.S. government introduced the Blockchain Regulatory Certainty Act which underlines the eligibility of blockchain entities for monetary transactions.
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Blockchain in Insurance Market Segmentation:
- By Component: Solution, service
- By Enterprise Size: Large, small, and medium
- By Service Provider: Application & solution provider, middle-ware provider, infrastructure & protocol provider
- By Application: Governance, risk & compliance (GRC), death and claims, fraud and identity management, financial management, others.
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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