Press release
Blockchain In Insurance Market Outlook 2025-2034: Key Trends, Growth Drivers, and Market Share
Blockchain In Insurancek
The growth of blockchain in the insurance sector is anticipated to be fueled by an increasing incidence of fraudulent insurance claims. Dishonest or false claims lodged by policyholders or beneficiaries with insurance providers, in an attempt to access undeserved financial advantages, are defined as fraudulent insurance claims. Economic stressors prompting individuals to dishonestly seek monetary benefit, the perceived simplicity and low risk involved in insurance fraud, and inadequate fraud detection and investigation protocols within insurance companies all contribute to the rise in such fraudulent insurance claims. Blockchain technology can help counter this issue in the insurance sector by offering a clear, unalterable record of transactions, thereby verifying and authenticating all claims through a decentralized consensus system. For example, German insurance and asset management service provider Allianz Insurance plc reported in February 2024 identifying claims fraud worth $98.04 million in 2023, which had risen from $89.55 million in 2022. Consequently, the escalating prevalence of fraudulent insurance claims is driving the adoption of blockchain technology in the insurance industry.
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What is the future CAGR of the blockchain in insurance market, and how will it impact industry expansion?
The size of the insurance market based on blockchain technology has remarkably increased in the past few years. Its growth is anticipated to rise from $1.94 billion in 2024 to a whopping $3.11 billion in 2025, with an expected compound annual growth rate (CAGR) of 60.1%. The notable growth during the historical period can be linked to factors such as enhanced fraud prevention measures, efficient claims processing, improved data security, heightened transparency and trust, regulatory compliance, cost-effectiveness, and elevated levels of customer satisfaction.
In the coming years, the blockchain in insurance market is anticipated to witness significant expansion. By 2029, it is predicted to reach a valuation of $20.3 billion, growing at a compound annual growth rate (CAGR) of 59.8%. This projected growth during the forecast period can be attributed to several factors such as the adoption of smart contracts, IoT device integration, the rise of parametric insurance, growing consortiums and partnerships, changes in the regulatory environment, a heightened emphasis on data privacy and compliance, along with the enhancement of insurance digitization. Key trends in the forecast period encompass blockchain interoperability, insurance asset tokenization, integration with AI and ML, emergence of decentralized insurance models, the utilization of oracles for external data integration, blockchain-enabled identity verification, and the creation of solutions that preserve privacy.
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What are the most significant trends transforming the blockchain in insurance market today?
Key players in the blockchain insurance market are prioritizing the development of innovative technology solutions such as blockchain insurance. These solutions aim to provide improved transparency, accelerated claim settlement, and reinforced safety. The concept behind blockchain insurance lies in applying blockchain technology to advance transparency, effectiveness, and protection in the insurance sector, by automating tasks like claims, underwriting, and policy administration. For instance, in January 2022, Etherisc, a blockchain insurance firm based in Germany, unveiled an insurance application powered by blockchain. This platform independently zeroes in on policies and makes payouts for flight delays and cancellations. With the Ethereum blockchain's decentralized security and the Chainlink oracle framework, the application offers a secure and open solution for policyholders. This uninterrupted process removes the need for intermediaries, making the entire insurance process more straightforward.
Which key market segments comprise the blockchain in insurance market and drive its revenue growth?
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 region dominates 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.
Who are the leading players fueling growth 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.
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What Is Covered In The Blockchain In Insurance Global Market Report?
•Market Size Forecast: Examine the blockchain in insurance market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the blockchain in insurance market for a structured understanding.
•Key Players Overview: Analyze major players in the blockchain in insurance market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the blockchain in insurance market.
•Segment Contributions: Evaluate how different segments drive overall growth in the blockchain in insurance market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the blockchain in insurance market.
•Industry Challenges: Identify potential risks and obstacles affecting the blockchain in insurance market.
•Competitive Landscape: Review strategic developments in the blockchain in insurance market, including expansions, agreements, and new product launches.
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