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March 26, 2008 at 11:47 AM
Banks generated a little more than $4 billion in insurance brokerage fee income in 2007, down 1% from the 2006 total, according to Michael White Associates L.L.C.
Researchers at MWA, Radnor, Pa., say 46% of U.S. banks generated commissions and fees by selling or helping with the sale of products such as life insurance, credit insurance, title insurance and property-casualty insurance.
Michael White, the head of MWA, says the decrease in reported insurance revenue may represent a statistical blip.
MWA bases its bank insurance brokerage revenue data on data reported by 7,707 commercial banks and savings banks that are regulated by the Federal Deposit Insurance Corp.
