WASHINGTON, December 11, 2020 (Newswire.com) - The title insurance industry generated $5.1 billion in title insurance premiums during the third quarter of 2020, according to ALTA's latest Market Share Analysis. Title premium volume is up 17.6 percent compared with the same period a year ago.
Every state except New York and Delaware, along with the District of Columbia, experienced an increase in volume compared with the third quarter of 2020.
During the third quarter of 2020, total operating income for the industry was up 17.2 percent and operating expenses were up 16.9 percent, but loss and loss adjustment expenses were down 2.5 percent.
Overall for 2020, title insurance premium volume is up 17 percent ($13.2 billion) compared with the first nine months of 2019 ($11.3 billion). The title industry has paid $347.8 million in claims during the first nine months of 2020. This is down from $409.3 million in claims paid during the same period a year ago.
"As the country weathers the COVID-19 pandemic, the real estate industry as a whole and the land title insurance industry specifically have remained bright spots during these troubled economic times," said ALTA CEO Diane Tomb. "Low interest rates, which just set the 14th record low of the year, continue to create high demand among consumers looking to buy as well as refinance. As title insurance premium volume depends on mortgage origination volume, the result of these record low interest rates is a third quarter with even higher volume than an already positive second quarter."
Third-quarter Family Market Share (80.1%)
· Fidelity Family, 33.4%
· First American Family, 23.1%
· Old Republic Family, 14.5%
· Stewart Family, 9.1%
Third-quarter Independent Companies Market Share (19.9%)
· Westcor Land Title Insurance Co., 6.0%
· WFG National Title Insurance Co., 2.9%
· Title Resources Guaranty Co., 2.6%
· North American Title Insurance Co., 1.8%
· Alliant National Title Co., 1.1%
Top States During Third Quarter
· Texas, $685,472,500 (12.6%)
· California, $636,240,692 (28.6%)
· Florida, $489,603,422 (9.0%)
· New York, $242,843,842 (-15.4%)
· Pennsylvania, $217,708,957 (25.2%)
Click here for more market share data.
The American Land Title Association, founded in 1907, is a national trade association representing more than 6,400 title insurance companies, title and settlement agents, independent abstracters, title searchers and real estate attorneys. ALTA members conduct title searches, examinations, closings and issue title insurance that protects real property owners and mortgage lenders against losses from defects in titles.
Source: American Land Title Association