Blockchain in insurance to grow to $60b by 2032

Asia-Pacific is expected to register the highest CAGR in the coming years.

The global blockchain in insurance market is slated for a compound annual growth rate (CAGR) of 53.7% from 2025’s $2.96b to $59.9b in 2032, according to Fortune Business Insights.

Asia-Pacific is expected to register the highest CAGR in the coming years, driven by technological advancements and pilot initiatives by regional insurtechs. 

Blockchain technology in insurance functions as a distributed ledger system, enabling insurers to access a shared, immutable record of transactions. This facilitates the detection and prevention of fraudulent claims. 

By sharing claims data across a decentralised peer-to-peer network, modification of records becomes difficult, increasing transparency and trust.

Despite rapid projected growth, the market remains at an early stage, with many blockchain insurance projects still in the concept phase. Ongoing investment and rising demand for automated claims management solutions are key drivers supporting the technology’s development.

Adoption is still limited, as many insurers remain cautious about implementation. However, regulatory interest is increasing. 

In February 2023, the Insurance Regulatory and Development Authority of India (IRDAI) confirmed that it was exploring blockchain and other emerging technologies to support instant and personalised insurance solutions.