Insurance Advertising Global Market Report 2024

The insurance advertising market size has grown rapidly in recent years. It will grow from $11.56 billion in 2023 to $12.83 billion in 2024 at a compound annual growth rate (CAGR) of 11.0%. The growth observed in the historical period can be attributed to traditional advertising channels, the effectiveness of agent networks, word of mouth referrals, regulatory changes, product innovation, public awareness campaigns, and efforts in customer education.

The insurance advertising market size is expected to see rapid growth in the next few years. It will grow to $19.19 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The anticipated growth in the forecast period can be attributed to the increasing influence of mobile advertising, the emphasis on content marketing, the impact of customer reviews and testimonials, compliance with new regulations, the adoption of usage-based insurance models, and targeting younger demographics. Major trends expected in the forecast period include the dominance of digital marketing, the integration of blockchain technology, increased partnerships and collaborations, the use of artificial intelligence in underwriting processes, and the integration of social media, video content, and storytelling in insurance advertising.

The anticipated growth in the insurance advertising market is driven by an increase in the number of internet users. As the global population actively engaged in internet usage rises, insurance companies find it advantageous to leverage digital marketing strategies for advertising. The expanding reach allows these companies to target their audiences more effectively and anticipate higher returns on investment. With numerous solutions available to streamline marketing initiatives, insurance businesses can focus on essential tasks such as selling insurance. According to a report from OBERLO, in 2022, approximately 4.95 billion people worldwide are actively using the internet, emphasizing the substantial impact of the growing number of internet users on the insurance advertising market.

The insurance advertising market is further propelled by the expansion of the insurtech sector. Insurtech, characterized by the innovative use of digital technology and data analytics in the insurance industry, necessitates effective advertising strategies for communication, differentiation, and capturing consumer attention. The Insurtech Global Outlook Report from NTT DATA highlights significant growth in the insurtech sector, with $8 billion in investments across 470 deals in 2022, showcasing its increasing influence on the insurance advertising market.

A notable trend in the insurance advertising market is the focus on product innovations by major companies. These companies are developing innovative products to enhance their market position. An example is the integrated multimedia brand campaign launched by PhonePe, an India-based digital payments platform, in September 2022. The campaign specifically addresses tension-free motor insurance renewals and emphasizes the advantages of stress-free renewal on the PhonePe platform, showcasing a commitment to innovation in advertising.

Companies operating in the insurance advertising market are also adopting innovative advertising options, such as digital ad films, to expand their customer base. A digital ad film is a promotional video created for digital channels to advertise products, services, brands, or ideas. Max Life Insurance Company Limited, in August 2022, unveiled a digital advertising campaign promoting its term insurance plan for homemakers. This strategic campaign, presented in collaboration with Disney+'s Connected Television, aims to empower homemakers financially by highlighting the importance of a term insurance plan designed specifically for them.

In 2022, WebFX, a US-based digital marketing solutions provider, acquired Nutshell CRM for an undisclosed amount. This acquisition enhances WebFX's capabilities by incorporating Nutshell CRM into its suite of services, resulting in a comprehensive end-to-end revenue marketing solution for expanding businesses. Nutshell CRM is recognized for its web and mobile customer relationship management and email marketing automation services.

Major companies operating in the insurance advertising market report are Wire and Plastic Products Plc., Q1Media, Bolt Insurance, Insurance Agency Marketing - AMM, Creative Direct Marketing Group, Allegiant Digital Marketing, Usadata Inc., Seapoint Digital, Stringo Media, Digital Marketing Specialist Ltd., Flying V Group Digital, Cyrusson Inc., Nazzal Brothers Inc., AdParlor, Digital Results Agency, Allianz SE, American International Group Inc., AXA S.A, Chubb, MetLife Services and Solutions LLC., Ping An Insurance (Group) Company of China Ltd., Progressive Casualty Insurance Company, Prudential, Medica, Zurich Insurance, American Family Mutual, Liberty Mutual, Allstate Corporation, Berkshire Hathaway, GEICO.

Asia-Pacific was the largest region in the insurance advertising market share in 2023. The regions covered in the insurance advertising market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the insurance advertising market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of insurance advertising are life insurance and non-health insurance. Life insurance entails a contractual agreement between a policyholder and an insurer, where the insurer commits to paying a sum of money in exchange for a premium upon the demise of an insured person or after a predetermined period. Advertisement channels include television, email, sales calls, and others, which are utilized for direct marketing, network marketing, mobile marketing, and various applications.

The insurance advertising market research report is one of a series of new reports that provides insurance advertising market statistics, including the insurance advertising industry global market size, regional shares, competitors with insurance advertising market share, detailed insurance advertising market segments, market trends, and opportunities, and any further data you may need to thrive in the insurance advertising industry. This insurance advertising market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

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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