Title Insurance Industry Market Share and Financial Statement Executive Summary (2023 - 3rd Quarter)

December 19, 2023

Title Insurance Industry Market Share and Financial Statement compilations for the 3rd Quarter of 2023 are now available on the ALTA website.

The third quarter of 2023 was a difficult, but still a positive quarter for the title insurance industry. Title Insurance Premiums Written were down 24.0% from the third quarter of 2022. Total Operating Income was down 22.5%. Operating Expenses were down 20.9% and Loss and Loss Adjustment Expenses even, resulting in Net Operating Gain of $248.4 Million. Adding in Net Investment Gain of $128.9 Million resulted in Net Income of $306.5 Million. This compared to $388.8 Million for the 3rd Quarter of 2022, a decrease of 21.2%. Notwithstanding the lower income, the 3rd Quarter 2023 Net Income was still the 8th highest 3rd Quarter in the industry’s history.

With $306.5 Million of Net Income, the industry continued its strong financial position.  Total Assets were $11.5 Billion, including $10.2 Billion in Cash and Invested Assets.  Statutory Surplus was at $5.1 Billion and Statutory Reserves were strong at $5.8 Billion.

After an unprecedented 12 consecutive quarters in which Title Premiums Written increased from the prior years equivalent quarter, the last three quarters of 2022 and the 1st three quarters of 2023 ended this string, showing decreases of 5%, 20.6%, 38.1%, 43.4%, 36.9% and 24.0% respectively.

On a state-by-state basis, 49 states, plus the District of Columbia, showed 3rd Quarter 2023 written premiums decreasing from 3rd Quarter 2022. Five states were down over 30%, 27 states, plus the District of Columbia, were down between 20% and 30%, 16 states were down between 10% and 20%, and 1 state (West Virginia) was down less than 10%. Only one state, Kansas, was up - only 3,0%.

All ten of the largest states recorded decreases. The largest state - Texas was down 28.9%, Florida, the #2 state, was down 24.3%, California, the #3 state, was down 18.8%, New York, the #4 state, was down 25.4% and Pennsylvania, the #5 state, was down 23.1%.

Contact ALTA at 202-296-3671 or communications@alta.org.