Insurance Companies led the way in ad spending growth in 2005
The Hurricanes in 2005 certainly took a massive toll in many ways. And it certainly wasn’t the best year for insurance companies, but the insurance category was the biggest gainer in the top 15 categories of ad spenders in 2005, per Nielsen Monitor-Plus. According to Nielsen Monitor-Plus, the category ad spending jumped 31.3 percent, Adweek reports.
Geico increased spending by 51.3 percent to $470.1 million, and Progressive’s spending jumped 45.3 percent to $354 million. Some of the increase in the category has been attributed to online opportunities which have created new opportunities for people to shop for insurance. A new report reveals that auto insurance quotes submitted to online direct insurers increased by 23% in 2005 compared with the previous year, and actual policy purchases jumped by 29% during the same time.
The insurance category increase significantly outpaced the overall 2005 growth of 7.4 percent in ad spending to $125.5 billion. Ad spending in 2004 rose only 6.3 percent from the previous year, and spending in 2003 rose only 5.1 percent.
This post was written by: Kim Mickelsen