For Immediate Release
ALTA Reports Q1 2024 Title Insurance Premium Volume
Washington, DC, June 20, 2024 — The title insurance industry generated $3.35 billion in title insurance premiums during the first quarter of 2024 compared to $3.37 billion during the same period a year ago, according to the American Land Title Association’s (ALTA’s) latest Market Share Analysis.
Total operating income was down 0.8% during the first quarter of 2024 compared to Q1 2023. Despite the decrease in net income, the industry continued its strong financial position. Total assets were almost $11.3 billion, while the statutory surplus was at $5.1 billion and statutory reserves were $5.7 billion. The industry paid $161.1 million in claims during the first three months of 2024. This is down slightly from $162.6 during the same period a year ago.
“Results of this quarter’s Market Share Analysis reflect the continuing contraction of the housing market, which is still being impacted by higher interest rates, lack of supply and existing homeowners remaining in place,” said ALTA CEO Diane Tomb. “During any market condition, title insurance is the best option to protect property rights. Title professionals strive to deliver efficient and secure real estate transactions and provide exceptional customer service to all consumers looking to purchase a home or refinance a mortgage.”
Top 10 Individual Underwriters by Market Share
- First American Title Insurance Co., 22.6%
- Old Republic National Title Insurance Co., 14.2%
- Fidelity National Title Insurance Co., 13.9%
- Chicago Title Insurance Co., 12.8%
- Stewart Title Guaranty Co., 9.9%
- Westcor Land Title Insurance Co., 3.8%
- Commonwealth Land Title Insurance Co., 3.6%
- Title Resources Guaranty Co., 2.8%
- WFG National Title Insurance Co., 2.5%
- Doma Title Insurance Co., 1.9%
- First American Title Guaranty Co., 1.7%
Top 5 States
- Texas: $492,939,114, -5.7%
- Florida: $421,668,094, 0.0%
- California: $292,673,711, 3.1%
- New York: $190,591,630, -10.6%
- Pennsylvania: $128,441,365, -3.6%
ALTA expects to release Q2 2024 Market Share Analysis around Sept. 1.
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About ALTA
The American Land Title Association, founded in 1907, is a national trade association representing more than 6,000 title insurance companies, title and settlement agents, independent abstracters, title searchers and real estate attorneys. ALTA members conduct title searches, examinations, closings and issue title insurance that protects real property owners and mortgage lenders against losses from defects in titles.
Contact: Megan Hernandez
Office: 202-261-0315
Email: mhernandez@alta.org