WASHINGTON, December 15, 2022 /PRNewswire/ — The property insurance industry generated $5.4 billion of title insurance premiums in the third quarter of 2022, according to the latest market share analysis from the American Land Title Association (ALTA).
This is a decrease of 20.6% compared to the same period in 2021.
“Recent quarterly results reflect headwinds from higher interest rates, which have led to a significant decline in home sales and mortgage refinancing in recent quarters,” he said Diane’s grave, CEO of ALTA. “As the housing market continues in a cyclical downturn, ALTA members will continue to provide valuable services and insurance products. Title insurance is the best option to reduce risk and protect property rights for consumers and lenders.”
In the third quarter of 2021, overall industry operating income fell 19.6% and operating expenses fell 18.8%, but claims and claims adjustment expenses rose 30.0%. net income was $342.9 million last quarter compared to $616.3 million in the third quarter of 2021. However, the results are the fourth-highest third quarter in the last 13 years.
In the first nine months of 2022, the premium volume of title insurance fell by 7.7% ($17.6 billion) compared to the first nine months of 2021 ($19.0 billion). The title industry paid $438.7 million in the first nine months of 2022. This is an increase of $352.5 million in claims that were paid in the same period one year ago.
Top 10 insurers by market share
- First American Title Insurance Co., 22.6%
- Old Republic National Title Insurance Co., 16.3%
- Fidelity National Title Insurance Co., 13.7%
- Chicago Title Insurance Co., 12.9%
- Stewart Title Guarantee Co., 8.7%
- Westcor Land Title Insurance Co., 3.4%
- Commonwealth Land Title Insurance Co., 3.4%
- Title Resources Guarantee Co., 2.9%
- WFG National Title Insurance Co., 2.5%
- First American Title Guarantee Co., 1.8%
Top 5 states
- Texas, $863.7 million (-8.5%)
- Florida, $689.9 million (-5.5%)
- California, $423.6 million (-46.3%)
- new York, $339.6 million (-8.0%)
- Pennsylvania, $220.1 million (-25.5%)
Click here for more market share data.
ALTA expects to release its market share analysis for the fourth quarter and full year 2022 March, 20th.
The American Land Title Association, founded in 1907, is a national trade association representing more than 6,400 title insurers, title and settlement agents, independent abstractors, title seekers, and real estate attorneys. ALTA members conduct title research, audits, closures, and issue title insurance that protect property owners and mortgage lenders from losses due to title defects.
Contact: Megan Hernandez
E-mail: [email protected]
SOURCE American Land Title Association