Banks: A Force To Reckon With.(report by American Bankers Insurance Association)(Brief Article)

Insurance Networking News: Executive Strategies for Technology Management, January, 2005

Banks have become a force that carriers have to reckon with in insurance distribution. In 2003, the value of insurance products sold by U.S. banks reached $78.1 billion, more than double the amount just four years earlier, according to a report by the American Bankers Insurance Association (ABIA), Washington, D.C. Two trends have contributed to the growth of these sales: The continued acquisition of agencies by banks, and the growth in pre-existing programs, according to the ABIA. In recent years, the participation rate for mid-size banks ($1 billion to $10 billion in assets) has approached that of larger banks. Conversely, about one-quarter of banks with assets less than $1 billion are distributing insurance products.

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