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The four largest personal lines property and casualty insurers lowered their advertising spend in 2022, in part to offset the rising costs associated with elevated claims.
GEICO Corp. reported a year-over-year decrease of roughly 38% in total advertising expenditure during 2022, the highest among the Big 4 auto insurers, according to analysis of regulatory data by S&P Global Market Intelligence.
The Berkshire Hathaway Inc. company reported $1.28 billion in total advertising expenditures in 2022, roughly $800 million less than it spent in the prior year. The insurer's substantial decrease in ad spending allowed The Progressive Corp. to become the largest spender among the group in 2022.