Title Insurance Premiums Written Increases in 21 States and D.C. during Second Quarter of 2011
|August 30, 2011|
ALTA reported title insurance premiums written during the second quarter of 2011 increased in 21 states and Washington, D.C., compared to the second quarter of 2010.
According to ALTA’s preliminary 2011 Second-Quarter Market Share Analysis, the states generating the most title insurance premiums during the second quarter of 2011 were California ($320 million, down 8.8 percent compared to the first quarter of 2010), Texas ($286 million, up 7.5 percent), Florida ($186 million, up 9.5 percent), New York ($169 million, up 11.8 percent) and Pennsylvania ($97 million, down .2 percent). Jurisdictions experiencing a significant spike in title insurance premiums include Iowa (70 percent), South Dakota (63 percent), D.C. (38 percent), Delaware (29 percent) and Alaska (29 percent).
Overall, the title insurance industry generated $2.3 billion in title insurance premiums during the second quarter of 2011. This is down from $2.33 billion in title insurance premiums written during the same period a year ago.
In terms of market share, the Fidelity Family of title insurance underwriters captured 36.4 percent of the market during the second quarter of 2011, while the First American Family garnered 26.1 percent, the Stewart Family recorded 13.9 percent and the Old Republic Family had 12.7 percent. Meanwhile, regional underwriters held 10.8 percent of the market during the second quarter of 2011, up from a 9.9 percent market share during the same period a year ago.
Data is preliminary because two regional companies have not reported premium information. ALTA expects to release its third-quarter 2011 Market Share Analysis around Dec. 1.