US Insurance Digital Ad Spending 2023

Insurers Must Do More With Less as Growth Drops Again

Report by Eleni Digalaki  | Sep 25, 2023
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Executive Summary
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Table of Contents
Executive Summary
Mounting pressure on insurers’ ad spending budgets makes targeted growth and measurement key.
Profitability struggles dampen insurers’ ad spending.
But spend will still grow thanks to an advertising efficiency push and insurers bucking the rate hike trend.
How can insurance marketers get the most of their digital ad dollars?
Sources
Media Gallery
About This Report
US insurance digital ad spending growth will slow even further this year, lagging all other financial service sectors. Instead, insurers will focus squarely on maximizing their digital dollars.
Topics
Insurance
Digital Ad Spending
US
Table of Contents
Executive Summary
Mounting pressure on insurers’ ad spending budgets makes targeted growth and measurement key.
Profitability struggles dampen insurers’ ad spending.
But spend will still grow thanks to an advertising efficiency push and insurers bucking the rate hike trend.
How can insurance marketers get the most of their digital ad dollars?
Sources
Media Gallery

US insurance digital ad spending growth fell off a cliff in 2022 and will rise even slower in 2023, as insurers prioritize profitability in a challenging cost environment. To maximize squeezed budgets, they should focus on key segments and platforms including younger audiences and social media.

Key Question: How is insurance digital ad spending evolving through 2025, and what does it mean for insurance marketers?

KEY STAT: US insurance digital ad spending is facing another year of low-single-digit growth amid a difficult economic environment. But we expect a 2024 rebound as inflation and supply chain bottlenecks ease.

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Table of Contents

  1. Executive Summary
  2. Mounting pressure on insurers’ ad spending budgets makes targeted growth and measurement key.
  3. Profitability struggles dampen insurers’ ad spending.
  1. But spend will still grow thanks to an advertising efficiency push and insurers bucking the rate hike trend.
  2. How can insurance marketers get the most of their digital ad dollars?
  3. Sources
  1. Media Gallery

Charts in This Report

US Insurance and Financial Services Digital Ad Spending, 2021-2025 (% change)Change in Ad Spending Budgets at the Top 4* US P&C Insurers, 2019-2022 (% change)
How Do US Creators Earn Income? (% of respondents, 2021 & 2023)US Life Insurance Policyholders, by Generation, 2015-2025 (% of total population in each group)

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authors

Eleni Digalaki

Contributors

Ross Benes
Senior Analyst
Oscar Orozco
Director, Forecasting