Dublin, Jan. 03, 2025 (GLOBE NEWSWIRE) -- The "Insurance Advertising Market Opportunities and Strategies to 2033" report has been added to ResearchAndMarkets.com's offering.
The global insurance advertising market reached a value of nearly $11.55 billion in 2023, having grown at a compound annual growth rate (CAGR) of 7.5% since 2018. The market is expected to grow from $11.55 billion in 2023 to $19.22 billion in 2028 at a rate of 10.7%. The market is then expected to grow at a CAGR of 11.2% from 2028 and reach $32.72 billion in 2033.
Growth in the historic period resulted from the increased disposable income, influence of social media platforms on advertising and increased financial literacy among consumers and increased awareness of insurance benefits. Factors that negatively affected growth in the historic period include rising costs of advertising platforms.
Going forward, the increasing internet penetration, growing use of smartphones, increasing urbanization, increase in advertisement spending in the insurance industry and expansion of Insurtech sector will drive the market. Factors that could hinder the growth of the insurance advertising market in the future include stringent advertising regulations.
The insurance advertising market is segmented by type into life insurance and non- life insurance. The life insurance market was the largest segment of the insurance advertising market segmented by type, accounting for 73.4% or $8.48 billion of the total in 2023. Going forward, the non- life insurance segment is expected to be the fastest growing segment in the insurance advertising market segmented by type, at a CAGR of 11.8% during 2023-2028.
The insurance advertising market is segmented by advertisement channels into television, email, sales calls and other advertisement channels. The television market was the largest segment of the insurance advertising market segmented by advertisement channels, accounting for 35% or $4.04 billion of the total in 2023. Going forward, the other advertisement channels segment is expected to be the fastest growing segment in the insurance advertising market segmented by advertisement channels, at a CAGR of 12.4% during 2023-2028.
The insurance advertising market is segmented by application into direct marketing, network marketing, mobile marketing and other applications. The direct marketing market was the largest segment of the insurance advertising market segmented by application, accounting for 37.6% or $4.34 billion of the total in 2023. Going forward, the other applications segment is expected to be the fastest growing segment in the insurance advertising market segmented by application, at a CAGR of 11.1% during 2023-2028.
North America was the largest region in the insurance advertising market, accounting for 39.4% or $4.54 billion of the total in 2023. It was followed by Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the insurance advertising market will be Asia-Pacific and Africa, where growth will be at CAGRs of 13.3% and 12.7% respectively. These will be followed by the Middle East and South America, where the markets are expected to grow at CAGRs of 12.1% and 11.3% respectively.
The global insurance advertising market is highly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up 1.08% of the total market in 2023. Disruptive Advertising Inc. was the largest competitor with a 0.39% share of the market, followed by WebFX Inc. with 0.34%, Agency Marketing Machine with 0.06%, Cardinal Digital Marketing with 0.05%, Stratosphere with 0.05%, Insurance Marketing Partners with 0.04%, Agency Tsunami with 0.04%, BrightFire LLC with 0.04%, Thrive Digital with 0.8% and Flying V Group with 0.03%.
The top opportunities in the insurance advertising market segmented by type will arise in the life insurance segment, which will gain $5.37 billion of global annual sales by 2028. The top opportunities in the insurance advertising market segmented by advertisement channels will arise in the other advertisement channels segment, which will gain $2.71 billion of global annual sales by 2028. The top opportunities in the insurance advertising market segmented by application will arise in the direct marketing segment, which will gain $2.83 billion of global annual sales by 2028. The insurance advertising market size will gain the most in the USA at $2.31 billion.
Market-trend-based strategies for the insurance advertising market include implementing strategic campaigns to elevate insurance brand preference and market share, revolutionizing insurance distribution with advanced technology and customized solutions, strategic partnerships and acquisitions among major players and enhancing financial planning for young adults with robust health insurance options.
Player-adopted strategies in the insurance advertising market include focus on enhancing operational capabilities through strategic initiatives and new product solutions.
To take advantage of the opportunities, the analyst recommends the insurance advertising companies to focus on comprehensive advertising initiatives, focus on integrating advanced technology and custom solutions, focus on financial planning campaigns for young adults, focus on non-life insurance segment, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships and acquisitions, focus on competitive and value-based pricing strategies, focus on digital advertising, focus on content marketing and focus on understanding customer needs.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 292 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value (USD) in 2023 | $11.6 Billion |
| Forecasted Market Value (USD) by 2033 | $32.7 Billion |
| Compound Annual Growth Rate | 11.0% |
| Regions Covered | Global |
Major Market Trends
- Implementing Strategic Campaigns to Elevate Insurance Brand Preference and Market Share
- Revolutionizing Insurance Distribution With Advanced Technology and Customized Solutions
- Strategic Partnerships and Acquisitions Among Major Players
- Enhancing Financial Planning for Young Adults With Robust Health Insurance Options
Markets Covered:
- Type: Life Insurance; Non- Life Insurance
- Advertisement Channels: Television; Email; Sales Calls; Other Advertisement Channels
- Application: Direct Marketing; Network Marketing; Mobile Marketing; Other Applications
Key Companies Mentioned:
- Disruptive Advertising Inc
- WebFX Inc
- Agency Marketing Machine
- Cardinal Digital Marketing
- Stratosphere
Key Mergers and Acquisitions
- R.R. Donnelley & Sons Company (RRD) Acquired Digital & Print Marketing Businesses From Vericast Corp
- Accenture Completes Acquisition of Jixie
- Inszone Insurance Services, Inc. Acquired Jacque Pirtle Insurance
- Verisk Analytics Acquired Rocket Enterprise Solutions GmbH
- Havas SA Acquired EPROFESSIONAL GmbH
- Ruder Finn Acquired Pandan Social
Companies Featured
- Disruptive Advertising Inc.
- WebFX Inc.
- Agency Marketing Machine
- Cardinal Digital Marketing
- Stratosphere
- Insurance Marketing Partners
- Agency Tsunami
- BrightFire LLC
- Thrive Digital
- Flying V Group
- Crown Insurance Marketing Pvt. Ltd
- ABIS Insurance Marketing LLP
- India Infocus Insurance Marketing Pvt. Ltd
- Ruder Finn
- Pandan Social
- LS Digital Group
- PhonePe
- Max Life Insurance Company Limited
- Jixie
- China Media Group
- Blue focus Group
- Zurich Insurance Group Ltd
- EPROFESSIONAL GmbH
- Havas SA
- M3. agency
- Fallon UK
- Engine Creative
- Uncommon Creative Studio
- Generali Group
- PZU Group
- Uniqa Insurance Group
- Aviva plc
- STEIN Bestasig Insurance Broker
- Unilink Group
- WebFX R.R.
- Donnelley & Sons Company (RRD)
- BOXX Insurance
- Tunad
- Berkshire Hathaway
- MetLife
- Spott N.V.
- Bupa Arabia
- Dubai Insurance Company
- Oman Insurance Company
- Allianz SE
- Qatar Insurance Company (QIC)
- National Health Insurance Company
- Sanlam Life Insurance Nigeria Limited
- 1Life Healthcare Inc.
- South African Insurance Group
- Kenya Reinsurance Corporation
- African Reinsurance Corporation (Africa Re)
For more information about this report visit https://www.researchandmarkets.com/r/b8rrum
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