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Advertising spending is down in the U.S. auto insurance industry, with three companies expressly saying they are cutting back.
After an increase from 2020 to 2021, money U.S. auto insurers spent on advertising was down across the market for the first six months of 2022, according to the England-based data analytics company Kantar.
Auto insurance companies spent a total of $3.1 billion on advertising in 2021, compared to $2.9 billion the year before. But for the first half of 2022, spending was down, to $1.4 billion, compared to $1.7 billion the year before.
Liberty Mutual is among the companies that have cut back on buying advertising. The company spent $202.3 million for the first half of 2022, compared to $219.2 million for the same period last year. This doesn't mean LiMu Emu will...