For Immediate Release
American Land Title Association Reports Title Insurance Premium Volume Up 8 Percent
Washington, DC, September 10, 2020 — The title insurance industry generated $4.18 billion in title insurance premiums during the second quarter of 2020, according to ALTA’s latest Market Share Analysis. Title premium volume is up 8.0 percent compared with the same period a year ago.
“Despite the pandemic, low interest rates in the second quarter of 2020 has been positive and productive for the land title insurance industry. Title insurance premium volume is dependent on mortgage origination volume, and 45 states showed that second-quarter premiums written increased 8 percent compared with the second quarter of 2019,” said Diane Tomb, ALTA’s chief executive officer. “Although we are not experiencing the near-historic origination volume we saw in the first quarter, the majority of the country is still trending upward.”
Overall, total operating income for the industry was up 8.2 percent and operating expenses were up 8.4 percent, but loss and loss adjustment expenses were down 27 percent.
“We expect residential housing market and refinances—buoyed by low mortgage rates—to remain strong throughout the year,” Tomb said. “The question left outstanding is how the commercial market will rebound. Depending on how the commercial market performs during the rest of the year, 2020 could prove to be one of the strongest years on record.”
Family Market Share (80.5%)
- Fidelity Family, 32.7%
- First American Family, 23.0%
- Old Republic Family, 14.8%
- Stewart Family, 10.1%
Independent Companies (19.5%)
- Westcor Land Title Insurance Co., 5.9%
- WFG National Title Insurance Co., 3.0%
- Title Resources Guaranty Co., 2.5%
- North American Title Insurance Co., 2.0%
- First National Title Insurance Co., 1.0%
Top States
- Texas, $562,030,294 (-3.1%)
- California, $479,545,777 (3.8%)
- Florida, $429,663,283 (7.7%)
- New York, $197,119,484 (-29.8%)
- Pennsylvania, $166,180,198 (7.3%)
Click here for more market share data.
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About ALTA
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.
Contact: Megan Hernandez
Office: 202-261-0315
Email: mhernandez@alta.org