Press release
Insurance Advertising Market Poised for 11 % Growth, Set to Hit $21.35 Billion by 2029
Insurance Advertising Market Outlook
The insurance advertising market is projected to thrive due to the growing number of internet users. Essentially, every person who utilizes the internet fits into this category. As the tally of internet users continues to rise, it becomes simpler for insurance firms to connect with their desired audience through digital marketing. This allows companies to expand their visibility and expect stronger returns on their investment. There are a variety of tools on hand to help streamline marketing processes, which then allows staff members to focus on key tasks like selling insurance. For instance, a survey carried out by Statistics Canada - a government agency, from December 2022 to April 2023 asserted that the percentage of Canadians age 15 and above using the internet climbed from 92% in 2020 to 95% in 2022. The most significant leap in internet usage was seen amidst Canadians above the age of 75, with their rates of internet usage jumping from 62% in 2020 to 72% in 2022. Thus, the swelling number of internet users is propelling the expansion of the insurance advertising market.
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What is the future CAGR of the insurance advertising market, and how will it impact industry expansion?
In recent times, the insurance advertising industry has experienced substantial growth. The market, projected to increase from $12.77 billion in 2024 to $14.12 billion in 2025, will do so at a compound annual growth rate (CAGR) of 10.6%. Causes for the historical growth include factors such as traditional advertising methods, the use of agent networks, word-of-mouth, changes in regulation, innovative products, public awareness drives, and consumer education.
Anticipations are high for accelerated expansion in the insurance advertising market size over the forthcoming years. It is projected to swell to $21.35 billion in 2029 with a compound annual growth rate (CAGR) of 10.9%. The surge in the coming period can be linked to a variety of factors such as mobile advertising, content marketing, customer reviews and testimonials, and compliance with new regulations, as well as the application of usage-based insurance models, and engaging younger demographics. Significant forecast period trends encompass dominance of digital marketing, assimilation of blockchain, fruitful partnerships and collaborations, application of artificial intelligence in underwriting, integration of social media, and a rising focus on video content and storytelling.
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What are the most significant trends transforming the insurance advertising market today?
In the insurance advertising market, the prime trend that is capturing attention is product innovation. Major firms within this market are creating novel products to solidify their standing. A case in point is PhonePe, an Indian digital payments platform, which in September 2022, embarked on an integrated multimedia brand campaign that emphasizes hassle-free motor insurance renewals. This nationwide campaign will be initiated in phases using eight commercial films. It brings to the fore the genuine problems encountered by customers due to sales pitches that have transformed into distressing buying experiences. The campaign also serves to highlight the benefits of renewing car insurance in a stress-free manner on PhonePe.
Which key market segments comprise the insurance advertising market and drive its revenue growth?
The insurance advertising market covered in this report is segmented -
1) By Type: Life Insurance, Non-Health Insurance
2) By Advertisement Channels: Television, Email, Sales Calls, Other Advertisement Channels
3) By Application: Direct marketing, Network marketing, Mobile marketing, Other Applications
Subsegments:
1) By Life Insurance: Term Life Insurance, Whole Life Insurance, Universal Life Insurance, Variable Life Insurance
2) By Non-Health Insurance: Auto Insurance, Homeowners Insurance, Commercial Insurance, Property Insurance, Liability Insurance
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What regions are at the forefront of insurance advertising market expansion?
Asia-Pacific was the largest region in the insurance advertising market share in 2024. The regions covered in the insurance advertising market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the leading players fueling growth in the insurance advertising market?
Major companies operating in the insurance advertising market include Q1Media, Bolt Insurance, Insurance Agency Marketing - AMM, Creative Direct Marketing Group, Allegiant Digital Marketing, Usadata Inc., Seapoint Digital, Stringo Media, Digital Marketing Specialist Ltd., Flying V Group Digital, Cyrusson Inc., AdParlor, Digital Results Agency, Allianz SE, American International Group Inc., AXA S.A, Chubb, MetLife Services and Solutions LLC., Ping An Insurance (Group) Company of China Ltd., Progressive Casualty Insurance Company, Prudential, Medica, Zurich Insurance, American Family Mutual, Liberty Mutual, Allstate Corporation, Berkshire Hathaway, GEICO
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What Is Covered In The Insurance Advertising Global Market Report?
• Market Size Forecast: Examine the insurance advertising market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the insurance advertising market for a structured understanding.
• Key Players Overview: Analyze major players in the insurance advertising market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the insurance advertising market.
• Segment Contributions: Evaluate how different segments drive overall growth in the insurance advertising market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the insurance advertising market.
• Industry Challenges: Identify potential risks and obstacles affecting the insurance advertising market.
• Competitive Landscape: Review strategic developments in the insurance advertising market, including expansions, agreements, and new product launches.
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