How much do insurance companies in Iran spend on advertising?

A review of advertising spending by insurance companies listed on the stock exchange
Advertising has always been one of companies' main tools for competing in the market; but when the insurance industry enters the picture, the story becomes more interesting. Because insurance, unlike many consumer goods, is an intangible product, and the customer, more than anything, needs trust in order to choose. This is where advertising plays a key role.

Data obtained from the financial statements of insurance companies listed on the stock exchange show that some companies, such as Dana Insurance and Pasargad, have spent the most on advertising in recent years, while companies such as Razi Insurance or Sina have acted much more cautiously.

What does this difference in approach mean? Does higher advertising spending necessarily lead to attracting more customers? Or perhaps the quality of services and innovation in insurance products are the main factor in building trust?

For insurance companies, advertising is not just an expense, but a strategic tool for building a brand and winning customers' trust. A look at the financial statements for 1402 (2023/24) and 1403 (2024/25) shows a striking difference among companies in the amount spent in this area.

For example, Dana Insurance in 1403 (2024/25) spent more than 111 billion tomans on advertising; a figure that is far ahead of other competitors. By contrast, companies such as Novin Insurance or Ma Insurance have acted more cautiously in this area and have had much lower costs.

This serious question is raised:

Does an increase in advertising spending necessarily lead to an increase in sales and market share? Or is it that the quality of services, the speed of claims payment, and innovation in insurance products play a stronger role in customers' decisions?

 

At Namafar, we try, by analyzing real data from the insurance market and other industries, to present a clearer picture of the behavior of economic actors. Because we believe data is the best tool for informed decision-making.