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Like A Good Neighbor… if you’re billionaires (part 1)

On Behalf of | Feb 15, 2023 | insurance companies

Insurance companies are a business. Part of being a business is advertising. But what if your business is supposed to be looking after your customers instead of your bottom line?  Even the most casual sports fan can’t miss the number of commercials, league sponsorships, and naming rights deals insurance companies are involved with these days. But how does the money spent trying to lure in more customers compare to what they spend on behalf of those customers.

Below is a list showing what some leading insurance companies are paying for advertising compared to their total revenues/profits.

Part 2 of this blog will compare what these companies spend on advertising to what they’ve offered in real cases we’ve worked on.

State Farm

  • Total 2020 Premiums for auto/home: $60.12 Billion
  • 2020 Advertising Budget: $1.17 Billion (95% of total Auto/Home Premiums)
  • Notable Advertising Expenses:
    • “State Farm Arena” – Atlanta, GA – 20 years naming rights, $175,000,000
    • $25.5 Million in ad buys during 2019 NBA Playoffs
    • $2 Million (estimated) for Aaron Rodgers endorsement
  • 2020 Claims & Claim Expenses: $31.70 Billion (73% of total Auto/Home Premiums)


  • Total 2020 Premiums for auto/home: $35.09 Billion
  • 2020 Advertising Budget (est.): $2.16 Billion (12% of total Auto/Home Premiums)
  • 2020 Losses & Loss Adjustment Expenses: $26.02 Billion (15% of total Auto/Home Premiums)
  • Financial terms are difficult to find but GEICO is or has been a corporate partner of MLB, NASCAR, the NCAA, & the NHL.


  • Total 2020 Premiums for Property & Casualty: $37.07 Billion
  • 2020 Advertising Budget: $929.9 Million (51% of total Property & Casualty Premiums)
  • Notable Advertising Expenses:
    • “Allstate Arena” – Chicago, IL – 10 years naming rights, $15,000,000
  • 2020 Property & Casualty claims & Claim Expenses: $23.98 Billion (69% of total Auto/Home Premiums)


  • Total 2020 Premiums for Personal, Commercial, and Property Lines: $39.30 Billion
  • 2020 Advertising Budget: $1.95 Billion (96% of total Personal, Commercial, and Property Lines Premiums)
  • 2020 Loss and Loss Adjustment Expense Reserves: $20.27 Billion (58% of total Personal, Commercial, and Property Lines Premiums)
  • Notable Expenses:
    • In 2020, Progressive paid $2.69 Billion in dividends to shareholders.
    • “Progressive Field” – Cleveland, OH – 16 years of naming rights, $58 Million
    • 2022 Kentucky Derby jockey sponsorships, 10 at an estimated $10k – $40k each. Total value between $100k and $400k.

Now you’ve seen what kind of money insurance companies bring in as well as spend to get more customers.  Our next blog will highlight some examples of real cases where an insurance company grossly undervalues the injuries of real people when it comes to settling claims.