For several decades TV was an excellent place for insurers to have their messages seen by potential buyers. That haven for new business dollars is apparently collapsing and insurers are scaling back ad money for TV.
This is the conclusion of the 2023 Insurance Brands TV Ad Transparency Report. It’s done yearly by iSpot.tv. GEICO used to rule television but its ad impressions dropped dramatically in 2022 and Progressive has leaped to the front.
That said, GEICO did a major cut in its advertising and marketing department a year ago and that could be one of the reasons why.
By the way, Progressive “leaping” to the front might not be the right adjective. All insurers have seen the number of impressions received from their TV advertising drop dramatically. The fall in consumers caring about insurance advertising that started a couple of years ago has led big cuts in insurance advertising budgets and staff.
Here are some numbers:
- Insurers cut down on the number of ads on TV by 17% from 2021 to 2022
- Auto insurers and other types of insurers have seen an increase in the number of impressions from daytime TV
- Impressions on daytime TV was 16.56% in 2021 and rose to 19.43% in 2022
GEICO’s household TV ad impressions fell 70% from 2021 to 2022. That’s the biggest drop of all and the home of the Gecko and the caveman is now in 3rd place. Progressive leaped to the top of the TV heap and now owns a 22.36% share of insurance TV ad impressions.
That’s up from 15.12% in 2021.
The top three networks for ad impressions are what those in the television business refer to as the alphabet channels. They are CBS, ABC and NBC.
- CBS is on top with 8.35%
- ABC ranks 2nd with a 6.33% impression count
- NBC is 3rd at 5.36%
The most seen brand is Progressive and it accounted for close to 40% of the insurance industry’s impressions on NBC and 30% of Fox and over 28% of CBS and ABC.
Liberty Mutual did best on cable TV news. It got 42% of the impressions on MSNBC and 29% of the impressions on Fox News and CNN.
GEICO cut down most of its advertising but did stick with with sports. It got 23% of all insurance impressions on ESPN.
Here are the most seen insurance brands by household TV ad impressions by year:
- Allstate — 9.18%
- GEICO — 16.7%
- Liberty Mutual — 16.16%
- Progressive — 12.55%
- State Farm — 6.07%
- Allstate — 9.27%
- GEICO — 14.64%
- Liberty Mutual — 15.35%
- Progressive — 15.12%
- State Farm — 5.65%
- Allstate — 7.1%
- GEICO — 5.33%
- Liberty Mutual — 14.48%
- Progressive — 22.36%
- State Farm — 4.63%
The top programs by insurance ad impressions:
- NBA — 2.8%
- NFL — 2.6%
- Mens college basketball — 2.25%
- Law & Order: SVU — 1.25%
- The Price is Right — 1.2%
- Sports Center — 1.1%
Source link: Insurance Business America — https://bit.ly/458BUri