Blockchain Technology and its Application in Insurance

In various sectors of the economy, losses caused by natural disasters, earthquakes, landslides, and other climatic factors are observed, the number of people killed and injured because of disasters and accidents is increasing. Insurance is a universal tool for the economic protection of property, health, and life. This statement proceeds from the fact that individuals and legal entities in the course of their activities face many types of risks, the impact of which can adversely affect their lives and activities. Insurance acts as a financial stabilizer, allowing you to compensate for losses in the event of insured events. In such conditions, insurance provides individuals and legal entities with specific guarantees in damages. An efficient insurance market contributes to the stability of the economy, provides flexible management of individual, general risks. The digital economy implies the use of IT technology in all areas of public life, insurance is no exception. The purpose of this study is to study and analyse the automation of the insurance industry. The article discusses the blockchain technology in insurance, the results of the study show the predominance of advantages over the disadvantages, presents the characteristics of projects using blockchain technology in the insurance industry.