Q2 2016 Title Premium Volume Up Nearly 4 Percent
September 22, 2016
ALTA reported title insurance premium volume increased 3.9 percent during the second quarter of 2016 when compared to the same period a year ago.
The title insurance industry generated $3.51 billion in title insurance premiums during the second quarter of 2016 compared to $3.37 billion during the second quarter of 2016, according to ALTA’s Market Share Analysis.
On a state-by-state basis, 41 states, plus the District of Columbia, showed written premiums increasing from during the latest quarter compared to the same period a year ago.
Family Market Share
- Fidelity, 35%
- First American, 26%
- Old Republic Family, 14%
- Stewart Family, 11%
- Independent Companies, 14%
Top States
- Texas, $505 million
- California, $446 million
- Florida, $343 million
- New York, $261 million
- Pennsylvania, $135 million
During the second quarter, total operating income increased 5.1 percent. Operating expenses were up 4.4 percent, while loss and loss adjustment expenses were up 10.5 percent resulting in net operating gain of 11.2 percent. Coupled with a 22.9 percent increase in net investment gain, net income improved to $201 million. This compared to $173 million during the second quarter of 2015.
The industry continued its strong financial position with over $200 million of net income. Total assets exceed $9 billion, including over $8.1 billion in cash and invested assets. Statutory surplus is over $4.1 billion and statutory reserves are strong at over $4.3 billion.
For more market share data, go to www.alta.org/industry/financial. ALTA expects to release its third-quarter 2016 Market Share Analysis around Dec. 1.
Contact ALTA at 202-296-3671 or [email protected].