Sydney, June 6, 2024 – Nielsen’s recent release delving into the advertising expenditure within the Australian insurance industry sheds light on a notable uptick in investment, underscoring the sector’s escalating endeavor to secure consumer attention within an increasingly competitive landscape.
The report, spanning from May 2023 to April 2024, discloses that the Australian insurance sector dedicated over $446 million to advertising, marking a 6% escalation compared to the corresponding period the previous year.
This surge reflects advertisers’ mounting inclination towards investing substantially in advertising endeavors to bolster brand visibility, elevate customer engagement, and augment market penetration.
Across the media spectrum, metropolitan television emerged as the dominant platform, accounting for 42% of the sector’s advertising expenditure. General display trailed behind at 20%, with social media and outdoor advertising capturing 10% each. Radio claimed a 7% share, while cinema and print collectively constituted the remaining proportion.
The report further delineates the primary insurance categories in terms of advertising expenditure, with health insurance at the forefront, with a spend of $122.3 million, marking a 6% increase year-on-year.
Corporate Insurance followed suit with a expenditure of $90.1 million, representing a 4% increment.
Automotive Insurance ranked third, with an expenditure of $76.8 million, also witnessing a 6% year-on-year upsurge.
Despite not securing a position within the top three, travel insurance exhibited the most striking growth, registering a remarkable 120% year-on-year increase, soaring from $4.17 million in 2023 to $9.18 million in 2024.
The report additionally unveils the top advertisers within the category over the preceding 12 months, with Youi leading the roster, trailed by Auto & General Holdings, AAMI, Medibank Private, and NRMA.
Commenting on the findings, Nielsen Ad Intel’s Australia Commercial Lead, Rose Lopreiato, remarked, “A string of recent natural calamities, coupled with Australians’ revived interest in travel post-Covid, has spurred insurance companies to intensify their pursuit of consumer outreach. These statistics reaffirm the pervasive influence of advertising as the most efficacious and cost-efficient means of engaging target demographics.”
