Property and casualty insurance could become a growth market for banks, according to a Synergistics Research Corp. study.
The Atlanta research firm surveyed 1,000 people with household incomes of $15,000 or more and found that nearly half had either bought property and casualty insurance or would consider buying it. In a controversial survey finding, Synergistics said 19% had bought property and casualty insurance from a bank and another 30% might eventually do so. Insurance consultants disputed the 19% figure, calling it grossly out of line with banks' minuscule market share. But the survey underscored the idea that banks have no place to go but up in terms of educating people about their offerings. The study found that 41% of the respondents who had not bought property and casualty policies through banks had no idea that banks offered insurance.