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In an insurance market where many carriers are struggling to reconcile their budgets with an increase in claims and underwriting costs, spending millions of dollars on a single advertisement is not just impractical, but can appear wasteful to customers. (Credit: Danny Hooks/Adobe Stock)The Super Bowl is the ultimate stage for companies looking to get as many eyes on their advertisements as possible. However, despite an estimated record 203.4 million adults planning to tune in, not a single insurance carrier will be airing a commercial during Super Bowl LIX.
State Farm was the latest insurer to pull its planned Super Bowl commercial, citing the impact of recent California wildfires. CBS News reports that State Farm has received more than 7,850 claims related to the fires with claim payouts totaling around $50 million.
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