ALTA Reports 32.5% Increase in Q3 Title Premium Volume
WASHINGTON, Dec. 9, 2021 /PRNewswire/ -- The title insurance industry generated $6.8 billion in title insurance premiums during the third quarter of 2021, according to ALTA's latest Market Share Analysis. This is the best-performing quarter on record as title premium volume is up 32.5% compared with the same period a year ago.
Every state except Oregon (which only decreased 0.7%) experienced an increase in volume compared with the third quarter of 2020.
During the third quarter of 2021, total operating income for the industry was up 53.3% and operating expenses were up 29.7%, but loss and loss adjustment expenses were down 10.7%.
Overall for 2021, title insurance premium volume is up 43.7 percent ($19 billion) compared with the first nine months of 2020 ($13.3 billion). The title industry has paid $352.5 million in claims during the first nine months of 2021. This is up slightly from $347.8 million in claims paid during the same period a year ago.
"Not only are ALTA members handling record volume, but title industry professionals continue to help enhance the customer experience to make the settlement process more efficient," said ALTA CEO Diane Tomb. "ALTA members are leading the way to help make real estate transactions digital and more accessible. As technology automates and digitizes certain processes of the real estate transaction, ALTA members continue to deliver a valuable service and insurance product. While quicker turnaround times are desired, getting it right and performing essential duties in the settlement process and issuance of title insurance to meet customer needs will remain paramount."
Top 10 Underwriters by Q3 Market Share
- First American Title Insurance Co., 20.7%
- Old Republic National Title Insurance Co., 14.8%
- Chicago Title Insurance Co., 14.1%
- Fidelity National Title Insurance Co., 13.5%
- Stewart Title Guaranty Co., 8.2%
- Westcor Land Title Insurance Co., 5.9%
- Commonwealth Land Title Insurance Co., 4.0%
- WFG National Title Insurance Co., 2.7%
- Title Resources Guaranty Co., 2.4%
- North American Title Insurance Co., 2.1%
Top 5 States During Third Quarter
- Texas, $943.6 million (37.7%)
- California, $788.6 million (23.9%)
- Florida, $730.1 million (49.1%)
- New York, $369.3 million (52.1%)
- Pennsylvania, $295.6 million (35.8%)
Click here for more market share data.
About ALTA
The American Land Title Association, founded in 1907, is a national trade association representing more than 6,000 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.
Media Contact:
Megan Hernandez
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SOURCE American Land Title Association
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