Title Premium Volume Jumps 45% During Q1 2021
June 17, 2021
The title insurance industry generated $5.68 billion in title insurance premiums during the first quarter of 2021 compared to $3.92 billion during the same period a year ago, according to ALTA’s latest Market Share Analysis.
A strong purchase market and continued home appreciation helped drive the 44.8% premium volume increase compared to the first quarter of 2020. Total operating income was up 42.4%, while operating expenses were up 40.0%, and loss and loss adjustment expenses were down 11.9%. This resulted in net operating income of $489.9 million, compared to $296.5 million for the first quarter of 2020, an increase of 65.2% and the highest first quarter ever.
The industry paid $106.7 million in claims during the first three months of 2021. This is down from $126.0 during the same period a year ago.
Top 10 Underwriters by Market Share
- First American Title Insurance Co., 20.5%
- Old Republic National Title Insurance Co., 14.8%
- Chicago Title Insurance Co., 13.5%
- Fidelity National Title Insurance Co., 13.0%
- Stewart Title Guaranty Co., 8.2%
- Westcor Land Title Insurance Co., 6.8%
- WFG National Title Insurance Co., 3.2%
- Title Resources Guaranty Co., 2.3%
- North American Title Insurance Co., 2.0%
- CATIC, 1.0%
Top 5 States
- Texas: $686,034,555, +29.6%
- California: $642,719,660, +47.3%
- Florida: $569,487,049, +42.4%
- New York: $312,853,236, +17.4%
- Pennsylvania: $272,196,550, +72.0%
Contact ALTA at 202-296-3671 or [email protected].