How Big Is the Blockchain in Insurance Market | Segmentation & Trends 2031

Q: How big is the blockchain in insurance market?

The blockchain in insurance market was estimated at USD 1.6 billion in 2024 and is predicted to be USD 8.5 billion by 2031.

Q: What drives the growth of blockchain in insurance?

Fraud reduction, automation of claims, and secure data sharing are drive the adoption of market.

Q: What are the top applications of blockchain in insurance?

Smart contracts, KYC verification, claims processing, and policy issuance are the top application of blockchain in insurance.

Q: What challenges does the blockchain in insurance market face?

Regulatory uncertainty, integration with legacy systems, and data privacy concerns are the challenges faced by the market.

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Code: MTA5098

Publication Date: Jul 2025

What is the size of the Blockchain in Insurance Market?

According to 6Wresearch internal database and industry insights, the Global Blockchain in Insurance Market was estimated at USD 1.6 billion in 2024 and is predicted to be USD 8.5 billion by 2031, growing at a CAGR of 19.7% during the forecast period 2025–2031.

This growth of blockchain in insurance market is driven by the need for fraud prevention, faster claims processing, and transparent policy management using decentralized and tamper-proof systems.

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Key Growth Factors of the Blockchain in Insurance Market

Growing demand for fraud detection and risk mitigation
Need for transparent and automated claims settlement
Increasing adoption of smart contracts in policy administration
Rising customer expectations for secure, digital-first insurance services
Cost reduction through operational efficiency and fewer intermediaries

Blockchain in Insurance Market Trends

Blockchain in insurance market is growing over the years with the several trends which include the integration of blockchain for real-time policy updates and decentralized identity verification for Know Your Customer (KYC) processes. Further, the parametric insurance models are leveraging smart contracts to automate payouts based on event triggers. Insurers are also exploring blockchain consortiums to standardize protocols and improve cross-border coverage.

Emerging Developments in the Blockchain in Insurance Market

The blockchain in insurance market is seeing new developments which involve blockchain-enabled peer-to-peer insurance platforms, real-time asset tracking for property and auto coverage. Alongside, hybrid models combining blockchain with AI for dynamic pricing and fraud analytics. Further, the blockchain is also being adopted in reinsurance contracts and multi-party claim resolution systems to improve speed and accountability.