Asia Pacific to lead blockchain in insurance by 2031

Globally, the market could reach $32.9b.

Asia Pacific is expected to lead the blockchain in the insurance market in terms of revenue by 2031, with the fastest projected growth at a 57.6% CAGR during the forecast period, according to a report by Allied Market Research. 

The global blockchain in the insurance market is expected to reach $32.9b by 2031, with a compound annual growth rate (CAGR) of 52.4% from 2022 to 2031.

North America accounted for nearly 40% of the global blockchain in the insurance market in 2021. The global market, valued at $496.9m in 2021. In insurance, blockchain can help insurers and customers create smart contracts that streamline claim management, leading to improved fraud detection and prevention. 

The growing demand for secure online platforms, driven by concerns about data privacy, security, and the need for remote services, is expected to further drive market growth.

The COVID-19 pandemic had a positive impact on blockchain adoption in insurance, highlighting the need for trust, transparency, and accurate risk assessment. 

Blockchain helped insurers assess COVID-19-related risks more efficiently by analysing data from various sources, such as medical records and social media.