Blockchain in Insurance Market Report 2026

The blockchain in insurance market size has grown exponentially in recent years. It will grow from $3.08 billion in 2025 to $4.9 billion in 2026 at a compound annual growth rate (CAGR) of 59%. The growth in the historic period can be attributed to rising digitization of insurance operations, increasing incidents of insurance fraud, early adoption of distributed ledger technologies, demand for operational efficiency in claims handling, growth of insurtech startups.

The blockchain in insurance market size is expected to see exponential growth in the next few years. It will grow to $25.84 billion in 2030 at a compound annual growth rate (CAGR) of 51.5%. The growth in the forecast period can be attributed to expansion of blockchain-enabled insurance ecosystems, rising regulatory acceptance of digital ledgers, growing demand for real-time claims settlement, increasing integration with IoT-based insurance models, advancements in scalable blockchain platforms. Major trends in the forecast period include increasing adoption of smart contract-based insurance solutions, rising use of decentralized claims processing platforms, growing focus on fraud prevention through distributed ledgers, expansion of blockchain-based identity verification systems, enhanced transparency in policy administration.

The increasing incidence of fraudulent insurance claims is expected to drive the growth of blockchain adoption in the insurance market in the coming years. Fraudulent insurance claims involve false or deceptive claims submitted by policyholders or beneficiaries to receive financial compensation to which they are not entitled. The rise in such claims is driven by factors such as economic pressure, the perception that insurance fraud carries low risk, and gaps in traditional fraud detection and investigation systems. Blockchain technology helps address fraudulent insurance claims by offering a transparent and immutable ledger of transactions, ensuring claims are verified and authenticated through decentralized consensus mechanisms. For example, in February 2024, according to Allianz Insurance plc, a Germany-based insurance and asset management company, $98.04 million in fraudulent claims were identified in 2023, up from $89.55 million in 2022. Therefore, the growing volume of fraudulent insurance claims is accelerating the adoption of blockchain in the insurance market.

Major companies operating in the blockchain in insurance market are concentrating on developing innovative solutions, such as decentralized asset-protection frameworks, to address rising demand for transparent, fraud-resistant, and automated insurance systems within the digital asset ecosystem. Decentralized asset-protection frameworks enhance security and trust by leveraging distributed ledger technology to streamline verification processes, reduce manual intervention, and improve policy accuracy compared with traditional centralized insurance models. For instance, in February 2025, the Blockchain Deposit Insurance Corporation (BDIC), a UK-based decentralized cryptocurrency insurer, launched the world’s first cryptocurrency deposit insurance network. This blockchain-enabled platform provides secure coverage for crypto wallet deposits and exchange-held assets through smart contracts that automate claims processing and validate policy conditions. The network uses decentralized risk assessment models, tiered coverage structures, and on-chain auditing to ensure transparency and eliminate single points of failure. The platform aims to provide insurance coverage to up to 500 million users by 2030, reinforcing trust and security across the global digital asset ecosystem.

In July 2023, Evertas, Inc., a US-based provider of digital-asset and cryptoasset insurance solutions, acquired Bitsure, LLC, for an undisclosed amount. Through this acquisition, Evertas sought to expand and enhance its crypto mining insurance capabilities by integrating Bitsure’s specialized underwriting expertise and broadening its product portfolio and market reach within the Web3 and crypto mining sectors. Bitsure, LLC is a US-based insurer specializing in insurance solutions designed specifically for cryptocurrency mining operations.

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.

North America was the largest region in the blockchain in insurance market in 2025. 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, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the blockchain in insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The blockchain in insurance market consists of revenues earned by entities by providing services such as secure data management, automated claims processing, fraud detection and prevention, and smart contract implementation. The market value includes the value of related goods sold by the service provider or included within the service offering. The blockchain in insurance market also includes sales of blockchain-based insurance platforms, digital wallets for policy management, secure identity verification tools, and smart contract solutions. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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