Insurance sector sponsorship worth $895 million to sports industry rights holders in 2021, says GlobalData

 

• 424 insurers currently partnering with rights holders, with active contracts worth $5.17 billion over their duration.
• Majority of insurance firm spend targets the soccer market, with $333 million spent on soccer rights in 2021.
• Geographically, US-based rights holders carry greatest share of insurance sector sponsorship spend. This market is worth $357 million this year.

Insurance companies spent a combined $895 million on sport sponsorships in 2021, according to GlobalData, which notes that this figure was made up of 424 partnerships each spending an average of $2.11 million. The leading data and analytics company adds that soccer was the most attractive sport for insurance industry sponsors, representing 37% of total spend, while the US was the most popular country with 40%.

Patrick Kinch, Sport Analyst at GlobalData, comments: “The insurance industry is one of the most valuable to sports industry rights holders. The majority of this spend is tied up in the US sports market, representing $357 million. The US’s diverse sporting market offers insurers numerous partnership opportunities, boasting five major sporting properties.”

Soccer accumulated $333 million by insurance sponsors in 2021, and is the most valued sport sector. The top five leagues for insurance sponsorship are NFL, the Premier league, MLB, NBA and Bundesliga.

The total value of existing partnerships between insurers and sports industry rights holders, over the duration of active contracts, is upwards of $5.17 billion.

Kinch continues: “Half of Premier League clubs have insurance partnerships, which fork over a collective $81 million in sponsorship. Key insurance companies investing in this league include AIA, AXA, Ping An and Vitality. 

The three biggest insurance sport sponsorship deals are within soccer, with Liverpool FC-AXA, Tottenham-AIA and the Chinese Super League-Ping An partnerships holding a combined value of $105 million annually.

Kinch adds: “Insurers are using European soccer to build brand awareness in an international sport market. Partnerships such as those made by Allianz with some of Europe’s major soccer teams, is an attempt to build audience recognition beyond their native Germany, with other firms taking similar approaches. This includes Hong Kong firm AIA, who will continue as Tottenham Hotspur’s front of shirt sponsor until 2027, as the firm builds awareness beyond its traditional Asian operations.”