Over the past decade, hundreds of banks have plunged into the insurance brokerage business, creating annual growth in bank-produced insurance premiums of 25 percent.
Once in, most have continued to build, producing tens-of-billions of dollars in aggregate bank-insurance premiums. In fact, in 2005 the banking industry produced insurance–property-casualty and life-health–premiums nearly equal to its annual annuities production.
To even the casual observer, this emergence and growth of bank-insurance is largely attributable to agency acquisitions. In pursuit of fee income, banks have been aggressive participants in the agency acquisition market.
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