ALTA Reports Q3 Title Premium Volume Increases 14 Percent
December 3, 2013
ALTA reported title insurance premium volume rose 14 percent during the third quarter of 2013 when compared to the same period a year ago.
According to ALTA’s 2013 Third-Quarter Market Share Analysis, the title insurance industry generated $3.4 billion in title insurance premiums during the third quarter of 2013 compared to $3 billion during the third quarter of 2012.
“The strength and stability of the title insurance industry continues to improve as the housing economy recovery maintains a steady pace,” said Michelle Korsmo, ALTA’s chief executive officer. "Forty-five states, plus the District of Columbia, saw written premiums increase in the third quarter of 2013 compared to the same period in 2012.”
The states generating the most title insurance premiums during the third quarter of 2013 were:
- Texas ($477.9 million, up 25.1 percent compared to the third quarter of 2012)
- California ($413.3 million, down 6.2 percent)
- Florida ($314.2 million, up 29.9 percent)
- New York (257.7 million, up 20.5 percent)
- Pennsylvania (151.7 million, up 16.7 percent)
- South Dakota (up 54.7 percent)
- Delaware (up 37.8 percent)
- Minnesota (up 31.2 percent)
- West Virginia (up 30.3 percent)
- Florida (up 29.9 percent)
- Montana (up 28.9 percent)
- Illinois (up 25.9 percent)
- Texas (up 25.1 percent)
- Utah (up 25.1 percent)
Meanwhile, regional underwriters held 13.1 percent of the market during the third quarter of 2013, down from 13.3 percent market share during the same period a year ago.
ALTA expects to release its fourth-quarter and full-year 2013 Market Share Analysis around March 15, 2014.