Insurance digital ad spend is growing but slowing

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The US insurance industry will top $12 billion in digital ad spending this year, up 15.0% from 2021. Outlays will continue to increase by double-digit rates over the next couple of years, surpassing $15 billion in 2024.

Beyond the chart: Insurance will make up 4.8% of the $248.81 billion spent on digital advertising in the US this year, and its share is shrinking, down from 5.5% in 2020. Budgets are tightening across the industry, for traditional companies and insurtechs alike, meaning marketers must focus on reaching the right audiences at the right time.

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