The Australian insurance sector increased spending on advertising by 6% in the year to May, according to the latest analysis by Nielsen.
The findings highlight the sector’s growing need to capture consumer attention in an increasingly competitive market.
Between May 2023 and April 2024, the Australian insurance sector invested more than $446 million in advertising .
This growth comes as advertisers increasingly place a premium on advertising in order to enhance brand presence, increase customer engagement and grow market share.
While their media mix was varied, metro TV dominated with 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 up 6% to $122.3 million.
Corporate Insurance followed with a spend up 4% to $90.1 million.
Automotive Insurance was third, up 6% to $76.8 million.
While not in the top three, travel Insurance saw the most dramatic growth, with a 120% year-on-year increase, jumping to $9.18 million in 2024 from $4.17 million in 2023.
The report also revealed the brands spending the most on advertising. Over the last 12 months Youi topped the list, followed by Auto & General Holdings, AAMI, Medibank Private, and NRMA.
“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," said Nielsen Ad Intel’s Australia Commercial Lead, Rose Lopreiato said.
"These figures reaffirm the overarching power of advertising as the most effective and economical method of engaging target audiences.”
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