ALTA Reports 1st Quarter Market Share Data
June 16, 2021
Title Insurance Industry Market Share and Financial Statement compilations for the 1st Quarter of 2021 are now available on the ALTA website (www.alta.org/industry/financial.cfm).
The first quarter of 2021 was a very positive quarter for the title insurance industry. Title Insurance Premiums Written were up 44.8% from the first quarter of 2020. Total Operating Income was up 42.4%, Operating Expenses were up 40.0% and Loss and Loss Adjustment Expenses were down 11.9%, resulting in Net Operating Gain up 107.7%. Net Investment Gain was down 8.3%, resulting in Net Income of $489.9 Million, compared to $296.5 Million for the 1st Quarter of 2020, an increase of 65.2% and the highest 1st Quarter and second highest quarter ever.
With $489.9 Million of Net Income, the industry continued its strong financial position. Total Assets were $12.1 Billion, including over $11.0 Billion in Cash and Invested Assets. Statutory Surplus was at $5.9 Billion and Statutory Reserves are strong at almost $5.2 Billion.
After 10 consecutive quarters in which Title Premiums Written increased from the prior years equivalent quarter, the 3rd Quarter of 2017 ended this string, essentially breaking even, with a decrease of only 0.03% from the 3rd Quarter of 2016. The 4th Quarter of 2017 and the four quarters of 2018 also varied only slightly from breakeven, either up or down less than 3%. The 1st Quarter of 2019 broke from this pattern, down by 5.2%, but the last three quarters of 2019, all four quarters of 2020 and the 1st Quarter of 2021 returned to increases, up by 1.5%, 9.7%, 18.1%, 27.6% 8.0%, 17.6%, 33.6% and 44.8%, respectively.
On a state-by-state basis, all 50 states, plus the District of Columbia, showed 1st Quarter 2021 written premiums increasing from 1st Quarter 2020. Two states were up over 80%, 8 states were up between 60% and 80%, 13 states were up between 50% and 60%, 18 states were up between 40% and 50%, 8 states, plus the District of Columbia, were up between 20% and 40% and only one state was up less than 20%, New York was up by 17.4%.
Of the ten largest states, all ten recorded increases. The largest state - Texas was up 29.6%, California, the #2 state, was up 47.3%, Florida, the #3 state, was up 42.4%, New York, the #4 state, was up 17.4% and Pennsylvania, the #5 state, was up 72.0%.
Contact ALTA at 202-296-3671 or [email protected].