Insurance & the Super Bowl — We’ll Miss Them

This year’s Super Bowl won’t have any insurance advertising.

That’s sad. Some of the funniest Super Bowl ads have been by insurers. Last year we all cracked up to Arnold Swarzenegger’s mispronouncing the word, neighbor. This year State Farm canceled what it had planned because of the wildfires in the Los Angeles area and no other insurers had plans to be involved in the telecast.

Sportico tracks the business of sports. It says insurers will be missed.

“Not having ads with Jake from State Farm, Flo from Progressive or the Geico Gecko during the game might seem unusual,” the company said in a statement. “But it reflects an ongoing trend of declining ad spend from the biggest insurers in the U.S.”

Another reason is big cuts in TV, and other advertising venues, by insurers. High costs are said to be the reason. S&P Global Market Intelligence issued some data from 2023 media advertising.

• Progressive’s advertising budget dropped 30% to $1.22 billion
• That’s a huge drop considering Progressive is the biggest media spender
• GEICO dropped its budget by 34% and it was down to $838.2 million
• Allstate’s budget fell 31% to $651.3 million

Source link: Business Insurance — https://bit.ly/3CDlT4v