How big is the Blockchain Market in the Insurance Industry?

The Blockchain Market in the Insurance Industry size is expected to reach USD 0.66 billion in 2024 and grow at a CAGR of 41.32% to reach USD 3.77 billion by 2029. Read More

What is the current Blockchain Market in the Insurance Industry size?

In 2024, the Blockchain Market in the Insurance Industry size is expected to reach USD 0.66 billion. Read More

Who are the key players in Blockchain Market in the Insurance Industry?

Microsoft Corporation, IBM Corporation, Amazon Web Services, Inc., Oracle Corporation and SAP SE are the major companies operating in the Blockchain Market in the Insurance Industry. Read More

Which is the fastest growing region in Blockchain Market in the Insurance Industry?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Blockchain Market in the Insurance Industry?

In 2024, the North America accounts for the largest market share in Blockchain Market in the Insurance Industry. Read More

What years does this Blockchain Market in the Insurance Industry cover, and what was the market size in 2023?

In 2023, the Blockchain Market in the Insurance Industry size was estimated at USD 0.39 billion. The report covers the Blockchain Market in the Insurance Industry historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Blockchain Market in the Insurance Industry size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Blockchain Insurance Market - Share & Forecast

Blockchain Insurance Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Blockchain in the Insurance Market is Segmented by Deployment (on-Premise and Cloud-Based), by Type (Public and Private), by Application (GRC Management, Smart Contract, Financial Management, Identity Management and Fraud Detection, Death and Claims Management, and Other Applications), and by Geography (North America (the United States and Canada), Europe (United Kingdom, Germany, France, and Rest of Europe), Asia Pacific (China, Japan, Singapore, Australia, and the Rest of Asia Pacific), and the Rest of the World). The Report Offers the Market Size in Value Terms in USD for all the Above Mentioned Segments.

Blockchain Insurance Industry Overview

The blockchain market in the insurance industry is highly concentrated and consolidated with a few significant players, such as IBM Corporation, Microsoft, AWS, Oracle, SAP, etc. Regarding market share, some of the major players currently dominate the market. However, with the advancement of blockchain technologies and cloud deployment, new players are increasing their market presence, thereby expanding their business footprint across emerging economies.

April 2022 - Zurich Insurance Group chose 12 startups to work together on cutting-edge customer service strategies, more frequent meaningful contact with them, and insurance industry limits. The 12 selected startups are seeking solutions comprising tools to measure and reduce the carbon footprints of businesses & individuals, smartphone access to video-based health and wellness monitoring, tools to detect and prevent cyberbullying, and automatically settling insurance claims using blockchain and AI.
January 2022 - Etherisc, an open-source, decentralized insurance protocol and ecosystem, launched its FlightDelay product, which the company claims to be a blockchain-backed parametric insurance application that autonomously issues policies and executes payouts for travelers experiencing flight delays or cancellations. Available for passenger flights globally through 80 airlines, the insurance policies are purchasable on Etheric's dedicated FlightDelay Portal. Payments are processed through blockchain payments platform Gnosis Chain, with an initial payment option of USDC.