Second Quarter 2021 Title Insurance Industry Market Share Executive Summary
September 28, 2021
Title Insurance Industry Market Share and Financial Statement compilations for the 2nd Quarter of 2021 are now available on the ALTA website (www.alta.org/industry/financial.cfm).
The second quarter of 2021 was again a very positive quarter for the title insurance industry. Title Insurance Premiums Written were up 56.3% from the second quarter of 2020. Total Operating Income was up 52.4%, Operating Expenses were up 50.8% and Loss and Loss Adjustment Expenses were up 41.7%, resulting in Net Operating Gain up 73.5%. Net Investment Gain was up 170.4%, resulting in Net Income of $559.5 Million, compared to $303.0 Million for the 2nd Quarter of 2020, an increase of 84.6% and the highest 2nd Quarter and second highest quarter ever.
With $559.5 Million of Net Income, the industry continued its strong financial position. Total Assets were $12.6 Billion, including over $11.4 Billion in Cash and Invested Assets. Statutory Surplus was at $6.2 Billion and Statutory Reserves are strong at $5.4 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 first two quarters of 2021 returned to increases, up by 1.5%, 9.7%, 18.1%, 27.6% 8.0%, 17.6%, 33.6% 44.8% and 56.3%, respectively.
On a state-by-state basis, all 50 states, plus the District of Columbia, showed 2nd Quarter 2021 written premiums increasing from 2nd Quarter 2020. Three states were up over 90%, 5 states were up between 70% and 90%, 23 states were up between 50% and 70%, 10 states, plus the District of Columbia, were up between 40% and 50%, 7 states were up between 30% and 40% and only two states were up between 20% and 30%.
Of the ten largest states, all ten recorded increases. The largest state - Texas was up 53.3%, California, the #2 state, was up 57.6%, Florida, the #3 state, was up 66.9%, New York, the #4 state, was up 66.5% and Pennsylvania, the #5 state, was up 77.1%.
Contact ALTA at 202-296-3671 or [email protected].