The hands of three business people can be seen as they discuss financial plans spread out on the table and on tablets. Because the background noise is turned down during a recession and fewer companies are competing for your audience’s attention, it can be a great time to rebrand your company or introduce new insurance products. (Credit: Jirapong/Adobe Stock)

Is the insurance industry heading into a recession? It’s hard to say for sure, although experts have certainly been discussing that possibility in recent months. Nobody can tell the future, but economic slowdowns inevitably do happen – and you never know when you’ll have to face the next one.

When recessions hit, many companies tend to scale back on ad spending. After the recession in 2008, companies reduced their ad spend by 13% across the board. However, reducing efforts to generate new revenue often exacerbates the effect of a recession – and ultimately, the effect on your business.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2022 ALM Global, LLC. All Rights Reserved.