Geico couldn’t save advertisements

Looks like a gecko might be looking for some extra work.

According to an S&P analysis released Wednesday, the popular auto insurer Geico Corp. slashed its advertising spend by 38% in 2022.

In fact, four of the largest property/casualty insurers — Geico, The Progressive Corp., State Farm Mutual Automobile Insurance Co. and Allstate Corp. — have slashed their advertising budgets, albeit the others a little less: no more than 26%, the analysis found.

The reductions are in part the result of rising costs associated with elevated claims, the analysis revealed.