Bigdatr closely monitors three primary insurance sectors: General Insurance, Health Insurance, and Vehicle Insurance. These industries have shown a steady and positive growth in media value since 2017, but a deeper comparison of the insurance market shows fluctuating advertising investments across its key segments in FY24.

Health Insurance saw a significant 6.62% decline in advertising investment, brands reduced their marketing budgets by $29 million. Vehicle Insurance saw a pullback of $5.57 million in spend from FY23 to FY24. In comparison, General Insurance experienced an overall modest increase of 1.75%, representing an additional $6.69 million.

Last fiscal year, four competitors surpassed the $30 million mark in advertising investments in the General Insurance category. Compare the Market sits below industry leaders at $22 million, distinguishing itself as a key platform for major insurance providers. Seven brands, including the likes of RAC, positioned themselves between $10 million and $20 million, marking them as Tier II competitors.

Allianz leads the General Insurance market with a 9.53% competitor Share of Voice, followed by Real Insurance, focusing most of its budget on advertising Life and Funeral Insurance. RACV ranks third, diversifying its offering to include travel, with notable creatives focused on promoting their Travel & Experiences.

In fourth place, Suncorp maintains a strong position, especially in Home & Contents insurance, where it competes closely with RACV. Both brands control significant competitor Share of Voice of this segment, at 21.7% and 21.5%, respectively.

Before you read Bigdatr’s brand analysis on Suncorp, how big is the General Insurance market outside of health and vehicle insurance?

How big is the General Insurance market outside of Health and Vehicle insurance?

General Insurance is 11th place in the advertising landscape, when compared to the total advertising spend of over 75 different industries. That’s 2.6% compared to Health (2.73%) and Vehicle (1.63%) Insurance. Here’s a breakdown of the market segments within General Insurance:

• Home and Contents Insurance: This category dominates the General Insurance sector, representing 37.7% of the market. However, it has faced a 5.38% year-on-year decline in advertising investment, amidst current challenges in consumer affordability and increasing premium costs.
• Life Insurance: This sector remained relatively stable, with a slight increase of $685k in advertising spend.
• Business Insurance: The segment faced a sharp decline of 15.90%. However, historical Media Value data show this category’s presence in market has grown steadily over the years.
• Travel Insurance: Post-COVID, travel insurance has rebounded strongly, with advertising investments peaking in December 2023. An additional $23 million was allocated in FY24, bringing the sector to 10% of the General Insurance market.
• Income Insurance: A re-emerging category, income insurance experienced a significant rise in competition, with investments increasing fivefold compared to the previous year, signalling a new growth opportunity in the market.

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Climate change gave Suncorp the confidence to invest more into insurance advertising

Since December 2021, Suncorp has transitioned its advertising focus away from home loans, reallocating its budget towards Home & Contents insurance. A collection of historical creatives, showed how the brand communicated the growing importance of home insurance in the face of climate change and economic pressures.

Suncorp launched corporate branding campaigns that emphasised its role in supporting communities during natural disasters. It includes tailored creatives on TV, a documentary trailer on Youtube, promotional offers on Facebook, super hero poses on digital billboards and customer success stories on 9.now.

The brand’s partnership with the State Emergency Service of Queensland created a narrative about the camaraderie between Aussies during disasters like the 1918 Mackay Cyclone, Brisbane Flooding and the Sunshine Coast bushfires.

Currently a strong competitor in Queensland, the brand maintains its position by adding $3.6million into out of home channels within the state. As there are more consumers in this market actively looking for home insurance—aware they live in areas prone to cyclones and flooding—Suncorp’s campaign is a great market fit.

In FY24, investments peaked in August. The brand spent over $5million on advertising, a month after the Southwest Queensland Flooding.

12 months later, ANZ today controls Suncorp’s banking division, with speculations around what the brand will do with its Everyday Banking and Home Loan advertising budgets, which reached $3 million in FY24. Could it be reallocated to bolster its Home or Car Insurance marketing efforts this financial year?

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