ALTA Reports First-Quarter Title Insurance Premiums
|June 24, 2010|
ALTA reported title insurance premiums written during the first quarter of 2010 increased 4.3 percent when compared to the same period a year ago.
According to ALTA’s preliminary Market Share Analysis, the title insurance industry generated $2.07 billion in title insurance premiums during the first quarter of 2010, up from $1.98 billion during the same period last year.
"While the housing market is still in the sickbed, its vital signs are stabilizing," said Kurt Pfotenhauer, chief executive officer of ALTA. “With transactions still being closed from the homebuyer tax credit, we are hopeful positive trends will carry through into the second quarter and beyond.”
Overall, 30 states experienced increases in title insurance premiums written when compared to first-quarter 2009. States with the largest increases in title insurance premiums during the first quarter of 2010 compared to the same period a year ago were Iowa, Maine, Nebraska and Minnesota. Washington, D.C., reported a 57 percent increase in title insurance premiums generated from the same period a year ago.
The states generating the most title insurance premiums during the first quarter of 2010 were California, Texas, Florida, New York and Pennsylvania.
Signifying the growing importance of title insurance outside the United States, Canada reported a 57 percent increase in title insurance premiums from first-quarter 2010 compared to the same period a year ago.
“The financial security that title insurance provides consumers, lenders and investors is something that other countries such as Canada are embracing,” Pfotenhauer said. “The use of title insurance helps create a uniform standard of purchasing real estate within a local community based process and allow consumers to enjoy lower overall costs associated with purchasing property.”
ALTA expects to release its second-quarter Market Share Analysis around Sept. 1.