In 2022, GEICO ranked as the most-advertised insurance brand in the United States, with a measured media ad spend of over 1.5 billion U.S. dollars. Progressive ranked second, with nearly 1.4 billion dollars invested in measured media spending.
GEICO: The insurance giant
GEICO, or The Government Employees Insurance Company, was founded in 1936 to provide car insurance to federal government employees who were considered more reliable customers. The company was publicly traded between 1948 and 1996, after which Berkshire Hathaway purchased it. Despite its tumultuous past with a fair share of financial problems, today, GEICO thrives, as seen by the growing value of earned premiums. The insurance brand is widely known for its animated spokesperson, Gecko, a reptilian mascot whose cockney accent and humorous antics in commercials linger in the memories of TV audiences. In fact, the company is very often one of the leading TV advertisers in the United States. However, creating such lasting impressions is costly. Unsurprisingly, GEICO’s advertising spending is the highest among insurance brands in the United States.
Ping An tops global insurance brands
Brand value is a term marketers use to describe the worth of a brand. In 2023, the highest-valued insurance company worldwide was Ping An. The company's brand value amounted to 32.25 billion U.S. dollars. Allianz followed with a brand value of over 21 billion dollars.
Advertising spending of selected insurance brands in the United States in 2022
(in million U.S. dollars)
The latest figures include measured-media advertising spending based on spending in:
TV: ad-supported video on demand, broadcast network TV, cable TV networks, broadcast spot TV, and syndicated, including Spanish-language networks;
Digital: desktop internet display, mobile app, mobile web, mobile web video, online video, paid search, and paid social media;
Magazines: consumer magazines, Sunday magazines, local magazines, business-to-business magazines, including Spanish-language magazines;
Radio: national spot, local, and network;
Newspapers, including Spanish-language newspapers;
Outdoor.
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Advertising Age. (June 26, 2023). Advertising spending of selected insurance brands in the United States in 2022 (in million U.S. dollars) [Graph]. In Statista. Retrieved October 30, 2024, from https://www.statista.com/statistics/264968/ad-spend-of-selected-insurance-companies-in-the-us/
Advertising Age. "Advertising spending of selected insurance brands in the United States in 2022 (in million U.S. dollars)." Chart. June 26, 2023. Statista. Accessed October 30, 2024. https://www.statista.com/statistics/264968/ad-spend-of-selected-insurance-companies-in-the-us/
Advertising Age. (2023). Advertising spending of selected insurance brands in the United States in 2022 (in million U.S. dollars). Statista. Statista Inc.. Accessed: October 30, 2024. https://www.statista.com/statistics/264968/ad-spend-of-selected-insurance-companies-in-the-us/
Advertising Age. "Advertising Spending of Selected Insurance Brands in The United States in 2022 (in Million U.S. Dollars)." Statista, Statista Inc., 26 Jun 2023, https://www.statista.com/statistics/264968/ad-spend-of-selected-insurance-companies-in-the-us/
Advertising Age, Advertising spending of selected insurance brands in the United States in 2022 (in million U.S. dollars) Statista, https://www.statista.com/statistics/264968/ad-spend-of-selected-insurance-companies-in-the-us/ (last visited October 30, 2024)
Advertising spending of selected insurance brands in the United States in 2022 (in million U.S. dollars) [Graph], Advertising Age, June 26, 2023. [Online]. Available: https://www.statista.com/statistics/264968/ad-spend-of-selected-insurance-companies-in-the-us/