New Castle, Delaware, Sept. 07, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Insurance Advertising Market by Product Type (Life Insurance, and Non-life Insurance), Advertising Channel (Television, Email, Sales Calls, and Others), and Application (Direct Marketing, Network Marketing, Mobile Marketing, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032.” According to the report, the global insurance advertising industry generated $10.8 billion in 2022 and is anticipated to generate $30.2 billion by 2032, witnessing a CAGR of 11.2% from 2023 to 2032.
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The purpose of insurance advertising is to increase awareness of insurance products, emphasize the advantages and features of insurance products, and build consumer trust and confidence. The process of insurance advertising includes developing, compelling, and convincing messages, creating visual and audio content, and choosing the right channels to reach the right audience.
Insurance companies can use different types of advertising to get their message out there. TV commercials, radio spots, print ads, banner ads online, social media ads, SEO, content marketing, and direct mail are just a few of the ways. They can also work with ad agencies or marketing experts to create and run effective ads.
Prime Determinants of Growth:
The global insurance advertising market growth is attributed to several key factors, which include the growing insurance penetration in emerging markets, the rise of online comparison platforms, and the demand for innovative policy offerings. On the other hand, the complex and varying regulatory environments, and negative public perception of the insurance industry may hinder the growth of the market. Moreover, consumer awareness leveraging social media, and influencer partnerships are expected to create lucrative growth opportunities for the market.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $ 10.8 Billion |
| Market Size in 2032 | $ 30.2 Billion |
| CAGR | 11.2% |
| No. of Pages in Report | 428 |
| Segments Covered | Product Type, Advertising Channels, Application, and Region |
| Drivers | Growing insurance penetration in emerging markets |
| Rise of online comparison platforms | |
| Demand for innovative policy offerings | |
| Opportunities | Leveraging social media and influencer partnerships |
| Restraints | Complex and varying regulatory environments |
| Negative public perception of the insurance industry |
COVID-19 Scenario:
- The COVID-19 pandemic had a significant impact on the insurance advertising sector. The initial stages of the pandemic saw a shift in consumer behavior, with a focus on essential needs and economic uncertainty. This led to a decrease in overall advertising budgets across industries, including insurance. Companies were cautious about spending and reevaluated their marketing strategies due to the uncertainty of the situation.
- In addition, the economic impact of the pandemic influenced consumer behavior. People became more price-conscious and selective in their insurance choices, prompting insurers to emphasize affordability and value in their advertising campaigns. In summary, the COVID-19 pandemic brought about shifts in the insurance advertising market.
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The life insurance segment to maintain its leadership status throughout the forecast period-
Based on product type, the life insurance segment held the highest market share in 2022, accounting for around three-fifths of the global insurance advertising market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is due to simplified application processes and transparent claim procedures enhancing customer trust. Opportunities lie in educating the public about preparing for uncertainties and crafting policies that address diverse needs. Thus, life insurance advertising ensures families are well-equipped to face future uncertainties. However, the non-life insurance segment is projected to manifest the highest CAGR of 12.6% from 2023 to 2032. Owing to the digital era that has introduced user-friendly platforms for purchasing policies and processing claims, revolutionizing the insurance landscape. Opportunities abound in showcasing the speed and ease of claims settlement, as well as educating the public about the extensive coverage non-life insurance provides, which are expected to positively impact market growth.
The television segment to maintain its leadership status throughout the forecast period-
Based on advertising channels, the television segment held the highest market share in 2022, accounting for more than one-third of the global insurance advertising market revenue, and is expected to maintain its leadership status throughout the forecast period. Due to the growth of television advertising and its far-reaching impact and emotional resonance. The ability to share compelling stories that touch diverse demographics makes television a crucial tool in insurance marketing, which is driving the growth of the market. However, the email segment is projected to manifest the highest CAGR of 14.5% from 2022 to 2032. The growth is attributed to the fact that email marketing hinges on its direct approach and trackable engagement. Its ability to offer detailed information and facilitate one-on-one communication sets it apart. The trend of segmentation and automation enables precise targeting, ensuring the right message reaches the right audience.
The direct marketing segment to maintain its lead position throughout the forecast period-
Based on application, the direct marketing segment held the highest market share in 2022, accounting for more than one-third of the global insurance advertising market revenue, and is expected to maintain its lead position throughout the forecast period. This is due to its ability to provide straightforward and concise information. Its focused approach resonates with potential customers seeking solutions to their concerns. The trend of tailoring offerings for different life stages and demographics enhances relevance, which is driving the growth of the market. However, the mobile marketing segment is projected to manifest the highest CAGR of 14.2% from 2022 to 2032. Owing to the growth of mobile marketing fueled by the mobile-first mindset of today's consumers. The trend of interactive app experiences and mobile-friendly content enhances engagement.
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Asia-Pacific to maintain its dominance by 2032-
Based on region, North America held the highest market share in 2022, contributing to nearly two-fifths of the global insurance advertising market revenue. This is because sustainability gains important, and insurance companies are promoting their environmentally conscious practices. Advertising efforts around eco-friendly policies and green initiatives resonate with environmentally aware consumers. This trend is an opportunity for targeted advertising to specific demographic segments seeking cost-effective coverage. However, the Asia-Pacific region is expected to maintain its dominance by 2032. The same region would also showcase the fastest CAGR of 14.3% from 2023 to 2032. Due to the rise of Insurtech, innovative technology solutions for the insurance industry are fostering new advertising avenues. Personalized insurance offerings driven by data analytics and AI algorithms are gaining momentum. Insurance companies can capitalize on this trend by tailoring their advertising messages to address specific customer needs and preferences, enhancing customer engagement and retention.
Leading Market Players: -
- Allianz SE
- Allstate Insurance Company
- American International Group, Inc
- AXA
- Chubb
- MetLife Services and Solutions, LLC.
- Ping An Insurance (Group) Company of China, Ltd.
- Progressive Casualty Insurance Company.
- Prudential
- Zurich
The report provides a detailed analysis of these key players in the global insurance advertising market. These players have adopted different strategies such as expansion, merger, and product launches to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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