ALTA Reports 17.6 Percent Increase in Q3 Title Industry Premium Volume
December 8, 2020
The title insurance industry generated $5.1 billion in title insurance premiums during the third quarter of 2020, according to ALTA’s latest Market Share Analysis. Title premium volume is up 17.6 percent compared to the same period a year ago.
Every state except New York and Delaware, along with the District of Columbia, experienced an increase in volume compared to the third quarter of 2020.
During the third quarter of 2020, total operating income for the industry was up 17.2 percent and operating expenses were up 16.9 percent, but loss and loss adjustment expenses were down 2.5 percent.
Overall for 2020, title insurance premium volume is up 17 percent ($13.2 billion) compared to the first nine months of 2019 ($11.3 billion). The title industry has paid $347.8 million in claims during the first nine months of 2020. This is down from $409.3 million in claims paid during the same period a year ago.
Third-quarter Family Market Share (80.1%)
- Fidelity Family, 33.4%
- First American Family, 23.1%
- Old Republic Family, 14.5%
- Stewart Family, 9.1%
Third-quarter Independent Companies Market Share (19.9%)
- Westcor Land Title Insurance Co., 6.0%
- WFG National Title Insurance Co., 2.9%
- Title Resources Guaranty Co., 2.6%
- North American Title Insurance Co., 1.8%
- Alliant National Title Co., 1.1%
Top States During Third Quarter
- Texas, $685,472,500 (12.6%)
- California, $636,240,692 (28.6%)
- Florida, $489,603,422 (9.0%)
- New York, $242,843,842 (-15.4%)
- Pennsylvania, $217,708,957 (25.2%)
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Contact ALTA at 202-296-3671 or [email protected].