Following 2 many years of double-digit percentage increases in advertising spending, GEICO Corp. boosted its ad invest by just over 5 % in 2013, according to investigation by SNL Monetary.
GEICO, with its Gecko and Maxwell the pig mascots, has been the leader in promoting paying amid U.S. residence/casualty insurers for at least 5 years by means of 2013, in accordance to SNL. GEICO is nonetheless the only firm that spends far more than $ 1 billion annually on advertising. It recorded $ one.18 billion in ad invest in 2013, up from $ 1.12 billion in 2012.
Allstate Corp., which improved its investing on promoting 7 % in 2013 following an eleven % increase in 2012, has not too long ago taken direct aim at GEICO. Its new Esurance brand commercials state that “6 and a half minutes could conserve you on car insurance,” a counter to GEICO’s tagline that clients can conserve 15 percent on insurance coverage in 15 minutes.
State Farm Mutual Automobile Insurance coverage Co. increased spending 3 percent to to $ 802.8 million in 2013 following a year of unfavorable growth. State Farm’s ad devote peaked in 2011 when it booked a 29 percent 12 months-in excess of-year improve to $ 813.5 million.
SNL gathers data reported for promoting by P/C businesses from U.S. statutory yearly statements.