Blockchain in insurance to grow 53.7% annually

The market was valued at $2b in 2024.

The global blockchain in insurance market is expected to grow from $2.96b in 2025 to $59.90b by 2032, posting a compound annual growth rate (CAGR) of 53.7%, according to Fortune Business Insights. 

The market was valued at $1.86b in 2024. Blockchain, a distributed ledger technology, enables insurers to securely store and share transaction data across a peer-to-peer network.

This improves transparency and reduces the risk of fraud in claims management. By recording claims on a shared ledger, any unauthorised modification becomes difficult, enhancing the integrity of insurance processes.

Although most blockchain projects in insurance remain in the concept phase, insurers are actively exploring their potential applications. 

The increasing demand for automated claims management and growing investment in blockchain-related solutions are expected to support the market’s expansion.