Insurance advertising refers to the marketing strategies and practices used by insurance companies to promote their products and services to potential customers. The primary goal of insurance advertising is to raise awareness, generate interest and ultimately drive sales of insurance policies.
The insurance advertising market consists of sales, by entities (organizations, sole traders and partnerships), of marketing services and advertising solutions provided to insurance companies to promote their products and services.
The global insurance advertising market was valued at $8,050.5 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 7.0%.
Increased Disposable Income
Increased disposable income propelled the growth of the insurance advertising market. Rising disposable income boosts consumers' capacity to buy insurance, increasing demand for life, health and property policies. Insurers respond by investing in diverse advertising channels like digital media, television (TV) and print to reach potential customers. Higher incomes also lead to a preference for comprehensive coverage, prompting insurers to emphasize premium and customizable options, making strategic advertising essential to attract and retain customers in a competitive market. For example, in Malaysia, according to the Department of Statistics Malaysia (DOSM), median household income in urban areas increased by 3.3% from 6,561 ringgit ($1,489.27) in 2019 to 7,243 ringgit ($1,644.08) in 2022. Additionally, according to the Bank of Korea, a South Korea-based central bank, disposable personal income in South Korea increased to 2,191,418.90 KRW billion ($1,696.84 billion) in 2022 from 2,099,125.20 KRW billion ($1,625.38 billion) in 2021. Therefore, increased disposable income supported the growth of the insurance advertising market during the historic period.
Revolutionizing Insurance Distribution With Advanced Technology And Customized Solutions
Companies in the market are revolutionizing insurance distribution by integrating advanced technology and customized solutions to transform the purchasing experience. This approach leverages cutting-edge platforms to simplify the process, offering users a seamless journey from identifying the best insurance plans to purchasing and managing their policies. For instance, in May 2024, Upstox, an India-based wealth management platform, announced its entry into the insurance distribution market. The company sought to transform India's insurance landscape by providing a simplified, transparent and customized purchasing experience. Utilizing advanced technology and industry expertise, Upstox aimed to streamline the entire insurance process, from selecting top plans to facilitating purchases and ensuring a smooth claims process, as illustrated in their campaign video.
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.
Insurance Advertising Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global insurance advertising market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for insurance advertising? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The insurance advertising market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider insurance advertising market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by type, by advertisement channels and by application.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the insurance advertising market.
- Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by type, by advertisement channels and by application in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for insurance advertising providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Type: Life Insurance; Non- Life Insurance
- 2) By Advertisement Channels: Television; Email; Sales Calls; Other Advertisement Channels
- 3) By Application: Direct Marketing; Network Marketing; Mobile Marketing; Other Applications
- Companies Mentioned: Disruptive Advertising Inc.; WebFX Inc.; Agency Marketing Machine; Cardinal Digital Marketing; Stratosphere
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; insurance advertising indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.