Blockchain Insurance Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

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 Market Size

Blockchain Insurance Market Summary

Blockchain Insurance Market Analysis

The Blockchain Insurance Market size is estimated at USD 0.93 billion in 2025, and is expected to reach USD 5.26 billion by 2030, at a CAGR of 41.32% during the forecast period (2025-2030).

Blockchain technology is helping the insurance business in drastically changing operations, offering a diverse range of advantages like lower costs, improved customer experiences, increased productivity, increased transparency, and more.

  • Insurance fraud can be eradicated by insurers using blockchain insurance claims. Because of the immutable property of blockchain, moving insurance claims into a shared ledger among insurance companies that cannot be altered will eventually eliminate fraud. According to the FBI, it is estimated that non-health insurance fraud costs the economy more than USD 40 billion annually. As a result of higher premiums, insurance fraud costs the typical American family between USD 400 and USD 700 annually. The increase in the number of insurance frauds is expected to drive the deployment of blockchain in the insurance industry.
  • The insurance market is integral to the global economy, covering personal and business risks. According to the International Monetary Fund, the market size of non-life insurance in the Gulf Cooperation Council countries was predicted to increase from USD 22.7 billion in 2021 to USD 26.5 billion in 2026. In comparison, the market size of life insurance in the GCC was anticipated to grow from USD 3.8 billion in 2021 to USD 4.6 billion in 2026 and is expected to have lucrative opportunities for growth. 
  • Blockchain technology can speed up banking and lending processes while lowering counterparty risk, issuance, and settlement times. It enables real-time financial verification, authenticated documentation, and KYC/AML data, lowering operational risks. Real-time payments against assets are made possible by blockchain technology, which results in significant cost reductions. The usage of blockchain technology for payment applications is one of the current trends. 
  • To transform payments, market players are developing advanced blockchain technologies. In the insurance industry, using blockchain for payments helps lower risks while enhancing efficiency and transparency in payment processes. Several institutions worldwide have developed blockchain-based payment networks, including Banco Masventas (Argentina), MUFG, and Taipei Fubon Commercial Bank.
  • The vendors in the blockchain market in the insurance industry are moderately consolidated with an array of different application purposes. However, major vendors such as Dell, Amazon Web Services Inc., Oracle Corporation, and many more are highly preferred blockchain product/solution providers across various insurance applications. To meet the various demands of the customers, blockchain firms are providing new solutions. 
  • Additionally, it is introducing a second product called crypto-native prisoners, a new captive offering from Nayms. Large corporations that establish a subsidiary to provide insurance to group firms frequently utilize captive insurance. Large blockchain protocols now routinely reserve a treasury fund to be utilized in the event of a hack or other problem in the crypto realm.
  • However, the applications of blockchain technology are still in their infancy across several industry verticals. Even if the insurance sector has demonstrated a favorable trend in adopting technology, there is still more that needs to be done to raise awareness of distributed ledger technology (DLT) and its many potential applications in the insurance sector. One of the biggest problems is the lack of knowledge, which might restrict the growth of the studied market.

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.

Blockchain Insurance Market Leaders

  1. Microsoft Corporation

  2. IBM Corporation

  3. Amazon Web Services, Inc.

  4. Oracle Corporation

  5. SAP SE

  6. *Disclaimer: Major Players sorted in no particular order
Blockchain Insurance Market Concentration
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Blockchain Insurance Market News

  • January 2023 - Amazon Web Services partnered with Ava Labs, a company building out layer-1 blockchain Avalanche, to assist in scaling blockchain adoption across institutions, enterprises, and governments. The partnership intends to make it more uncomplicated for individuals to launch and manage nodes on Avalanche while also seeking to give the network more strength and flexibility for developers.
  • September 2022 - XA Group unveiled Addenda, the first 'Made in the UAE,' a Blockchain-based, end-to-end digital solution that facilitates insurers to reconcile motor recovery receivables between each other. XA Group announced that it would grant all MENA motor insurers open access to the solution for the first six months to enhance their financial position and enable them to overcome the challenge of motor recovery receivables.

Blockchain in Insurance Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Study Assumptions and Market Definition
  • 1.2 Scope of the Study

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET INSIGHTS

  • 4.1 Market Overview
  • 4.2 Industry Attractiveness - Porter's Five Forces Analysis
    • 4.2.1 Threat of New Entrants
    • 4.2.2 Bargaining Power of Buyers/Consumers
    • 4.2.3 Bargaining Power of Suppliers
    • 4.2.4 Threat of Substitute Products
    • 4.2.5 Intensity of Competitive Rivalry
  • 4.3 Technology Snapshot
  • 4.4 Impact of COVID-19 and Macro Economic Trends on the Market

5. MARKET DYNAMICS

  • 5.1 Market Drivers
    • 5.1.1 Growing Demand of Automation Across the BFSI Sector
    • 5.1.2 Increasing Need for Reducing the Total Cost of Ownership
  • 5.2 Market Restraints
    • 5.2.1 Security Vulnerability of Transaction Across the Insurance Platform using Blockchain Technology
    • 5.2.2 Lack of Awareness about Blockchain in the Industry Professionals
  • 5.3 Technology Snapshot

6. MARKET SEGMENTATION

  • 6.1 By Deployment
    • 6.1.1 On-premise
    • 6.1.2 Cloud Based
  • 6.2 By Type
    • 6.2.1 Public
    • 6.2.2 Private
  • 6.3 By Application
    • 6.3.1 GRC (Governance, Risk and Compliance) Management
    • 6.3.2 Smart Contract
    • 6.3.3 Financial Management (Payments)
    • 6.3.4 Identity Management & Fraud Detection
    • 6.3.5 Death and Claims Management
    • 6.3.6 Other Applications
  • 6.4 By Geography***
    • 6.4.1 North America
    • 6.4.1.1 United States
    • 6.4.1.2 Canada
    • 6.4.2 Europe
    • 6.4.2.1 United Kingdom
    • 6.4.2.2 Germany
    • 6.4.2.3 France
    • 6.4.3 Asia
    • 6.4.3.1 China
    • 6.4.3.2 Japan
    • 6.4.3.3 Singapore
    • 6.4.3.4 Australia and New Zealand
    • 6.4.4 Latin America
    • 6.4.5 Middle East and Africa

7. COMPETITIVE LANDSCAPE

  • 7.1 Company Profiles
    • 7.1.1 Microsoft Corporation
    • 7.1.2 IBM Corporation
    • 7.1.3 Amazon Web Services, Inc.
    • 7.1.4 Oracle Corporation
    • 7.1.5 SAP SE
    • 7.1.6 Chainthat Limited
    • 7.1.7 Auxesis Group
    • 7.1.8 GuardTime AS
    • 7.1.9 Symbiont.io Inc.
  • *List Not Exhaustive

8. MARKET OPPORTUNITIES AND FUTURE TRENDS

9. INVESTMENT ANALYSIS

**Subject to Availability
***In the final report, Asia, Australia, and New Zealand will be studied together as 'Asia Pacific' and Latin America and Middle East and Africa will be considered together as 'Rest of the World'
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Blockchain Insurance Industry Segmentation

Blockchain technology is a robust database mechanism that enables the transparent sharing of information within a corporate network. We can build an unalterable database for monitoring payments, orders, accounts, and other transactions using blockchain technology. The system includes mechanisms for preventing unauthorized transaction entry and ensuring consistency in the shared view of these transactions.

Within insurance, the claims and finance functions are high-value areas where blockchain could be beneficial, especially when you look at processes that need ongoing reconciliation with external parties. Insurers and customers waste a lot of time verifying their documents and identities. This can be reduced with a blockchain platform that can talk to other blockchain platforms to verify the identity of the user. The market includes various standalone services in the insurance sector, such as smart contracts, identity management, and fraud detection, death and claims management, and governance, risk, and compliance management.

The blockchain market in the insurance industry is segmented by deployment (on-premise, cloud-based), type (public, private), application (GRC management, smart contracts, financial management, identity management & fraud detection, death and claims management, and other applications), geography (North America (United States, Canada), Europe (United Kingdom, Germany, France, and Rest of Europe), Asia Pacific (China, Japan, Singapore, Australia, and Rest of Asia Pacific), and rest of the world.

The market sizes and forecasts are provided in terms of value (USD) for all the above segments.

By Deployment On-premise
Cloud Based
By Type Public
Private
By Application GRC (Governance, Risk and Compliance) Management
Smart Contract
Financial Management (Payments)
Identity Management & Fraud Detection
Death and Claims Management
Other Applications
By Geography*** North America United States
Canada
Europe United Kingdom
Germany
France
Asia China
Japan
Singapore
Australia and New Zealand
Latin America
Middle East and Africa
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Blockchain in Insurance Market Research FAQs

How big is the Blockchain Market in the Insurance Industry?

The Blockchain Market in the Insurance Industry size is expected to reach USD 0.93 billion in 2025 and grow at a CAGR of 41.32% to reach USD 5.26 billion by 2030.

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

In 2025, the Blockchain Market in the Insurance Industry size is expected to reach USD 0.93 billion.

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.

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 (2025-2030).

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

In 2025, the North America accounts for the largest market share in Blockchain Market in the Insurance Industry.

What years does this Blockchain Market in the Insurance Industry cover, and what was the market size in 2024?

In 2024, the Blockchain Market in the Insurance Industry size was estimated at USD 0.55 billion. The report covers the Blockchain Market in the Insurance Industry historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Blockchain Market in the Insurance Industry size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

Blockchain in Insurance Industry Report

Statistics for the 2025 Blockchain Insurance market share, size and revenue growth rate, created by Mordor Intelligenceā„¢ Industry Reports. Blockchain Insurance analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.

Blockchain Insurance Market Report Snapshots

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Blockchain Insurance Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)