Title Insurance Industry Market Share and Financial Statement Compilations for the 2nd Quarter of 2023

September 13, 2023

Title Insurance Industry Market Share and Financial Statement compilations for the 2nd Quarter of 2023 are now available on the ALTA website (www.alta.org/industry/financial.cfm).

The second quarter of 2023 was a difficult, but still a positive quarter for the title insurance industry. Title Insurance Premiums Written were down 36.9% from the second quarter of 2022. Total Operating Income was down substantially. Operating Expenses were down 33.4% and Loss and Loss Adjustment Expenses up 1.9%, resulting in Net Operating Gain of $226.5 Million. Adding in Net Investment Gain of $109.6 Million resulted in Net Income of $265.0 Million. This compared to $514.8 Million for the 2nd Quarter of 2022, a decrease of 48.5%. Notwithstanding the lower income, the 2nd Quarter 2023 Net Income was still the 8th highest 2nd Quarter in the industry’s history.

With $265.0 Million of Net Income, the industry continued its strong financial position.  Total Assets were $11.6 Billion, including $10.3 Billion in Cash and Invested Assets.  Statutory Surplus was at $5.2 Billion and Statutory Reserves were strong at $5.9 Billion.

After an unprecedented 12 consecutive quarters in which Title Premiums Written increased from the prior years equivalent quarter, the 2nd, 3rd and 4th Quarter of 2022 and the 1st and 2nd Quarter of 2023 ended this string, showing decreases of 5%, 20.6%, 38.1%, 43.4% and 36.9% respectively.

On a state-by-state basis, all 50 states, plus the District of Columbia, showed 2nd Quarter 2023 written premiums decreasing from 2nd Quarter 2022. Fifteen states were down over 40%, 24 states, plus the District of Columbia, were down between 30% and 40%, 10 states were down between 20% and 30%, and 1 state (Indiana) was down between 10% and 20%.

All ten of the largest states recorded decreases. The largest state - Texas was down 38.7%, Florida, the #2 state, was down 33.6%, California, the #3 state, was down 38.6%, New York, the #4 state, was down 43.8% and Pennsylvania, the #5 state, was down 38.8%.

Contact ALTA at 202-296-3671 or [email protected].