ALTA Reports Title Premiums Up 8.7 Percent in First Quarter
June 2, 2011
The American Land Title Association (ALTA) reported title insurance premiums written during the first quarter of 2011 increased 8.7 percent when compared to the first quarter of 2010.
According to ALTA’s preliminary 2011 First-Quarter Market Share Analysis, the title insurance industry generated $2.25 billion in title insurance premiums during the first three months of 2011. This is up from $2.07 billion in title insurance premiums written during the same period a year ago.
The states generating the most title insurance premiums during the first quarter of 2011 were California ($307 million, up 2 percent compared to the first quarter of 2010), Texas ($246 million, up 22.2 percent), New York ($165 million, up 17.7 percent), Florida ($159 million, up 6 percent) and Pennsylvania ($110 million, up 25.3 percent). Overall, 41 states and the District of Columbia reported increases in title insurance premiums written during the first three months of 2011 when compared to the same period in 2010. Alaska, Kansas and West Virginia all experienced more than a 30 percent jump in title insurance premiums written during the first quarter of 2011 versus the first quarter of 2010.
In terms of market share, the Fidelity Family of title insurance underwriters captured 33.7 percent of the market during the first quarter of 2011, while the First American Family garnered 27.7 percent, the Old Republic Family recorded 13.5 percent and the Stewart Family had 12.5 percent. Meanwhile, regional underwriters picked up 12.6 percent of the market during the first quarter of 2011, up from 10.7 percent market share during the same period a year ago.
ALTA expects to release its second-quarter 2011 Market Share Analysis around Sept. 1.
Contact ALTA at 202-296-3671 or [email protected].