Latest Nielsen Ad Intel insurance report shows 6% jump in ad spend across the sector

• $446m in ad spend across insurance sector over last 12 months
• Travel insurance ad spend up a massive 120% YoY
• Health insurance leads sector with ad spend of $122.3m over last 12 months
• YOUi tops insurer ad spend

Sydney – June 6, 2024 – Nielsen today released its latest report on advertising spend in the Australian insurance industry. 

The findings reveal a significant increase in ad investment, highlighting the sector’s growing need to capture consumer attention in an increasingly competitive market.

According to the report, between May 2023 and April 2024, the Australian insurance sector invested more than $446 million in advertising – a 6% increase from the same time last year.

This growth comes as advertisers increasingly place a premium on advertising in order to enhance their brand presence, increase customer engagement, and grow market share.

While their media mix was varied, metro TV dominated, comprising 42% of ad spend for the sector. This was followed by general display (20%), social media and outdoor (10% each), radio (7%), and cinema and print making up the remainder.

The report also highlighted the leading insurance categories by ad spend, with health insurance leading the sector at $122.3 million – a 6% increase year-on-year.

Corporate Insurance followed with a spend of $90.1 million, marking an increase of 4%. 

Automotive Insurance was third, with $76.8 million – another 6% year-on-year increase.

While not in the top three, travel Insurance saw the most dramatic growth, with a 120% year-on-year increase, jumping from $4.17 million in 2023 to $9.18 million in 2024.

The report also revealed the brands spending the most on advertising in the category. Over the last 12 months Youi topped the list, followed by Auto & General Holdings, AAMI, Medibank Private, and NRMA.

Nielsen Ad Intel’s Australia Commercial Lead, Rose Lopreiato said, “A series of recent natural disasters, coupled with Australians’ rekindled passion for travel, post-Covid, has driven insurance companies to vie more intensely for consumer reach. These figures reaffirm the overarching power of advertising as the most effective and economical method of engaging target audiences.”

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