Report: GEICO Outspent Other P/C Insurers in Ads in 2013
GEICO spent hundreds of millions more in advertising dollars last year than other personal insurance carriers, according to a recent report.
GEICO’s $935.1 million in ad expenditures increased less than a percentage point between 2012 and 2013, but the company still spent $280 million more than Allstate, the next-highest spender. Allstate’s ad expenditures were $654.8 million, according to the report from Property Casualty 360 and Nomura.
Last year’s ad spending at GEICO also came with 11.2 percent growth in personal lines. Competition between Allstate and GEICO is hot, with the Gecko-led company reportedly surpassing Allstate late last year as the leader in premiums nationwide.
In addition, SNL Financial reported last summer than GEICO was the highest ad spender in 2012, and was again followed by Allstate.
The report’s top 10 spenders in P/C insurance marketing last year were:
Rank Company Advertising $ in 2013 (millions) % change from 2012
1 GEICO $935.1 0.2%
2 Allstate $654.8 4%
3 State Farm $608.1 -0.2%
4 Progressive $604.2 18.7%
5 Nationwide $296.7 26.4%
6 Liberty Mutual $197 23.4%
7 UnitedHealth Group $193.3 -10.5%
8 Farmers $165.8 -8.2%
9 American Family $148.7 -10.2%
10 USAA $133 120.2%
After GEICO, Liberty Mutual had the second-highest increase in personal lines growth, at 10.7 percent. The insurer recently announced the launch of a new media campaign called “see car insurance in a whole new light.”