2019 Year-end Title Insurance Industry Market Share Executive Summary

April 23, 2020

Title Insurance Industry Market Share and Financial Statement compilations for the 4th Quarter of 2019 are now available on the ALTA website (www.alta.org/industry/financial.cfm).

The fourth quarter of 2019 was a very positive quarter for the title insurance industry. Title Insurance Premiums Written were up 18.1% from the fourth quarter of 2018. Total Operating Income was up 16.3%, Operating Expenses were up 17.4% and Loss and Loss Adjustment Expenses were down 5.3%, resulting in Net Operating Gain up 16.8%. Net Investment Gain was up $136.6 Million, resulting in Net Income of $365.3 Million, compared to $210.3 Million for the 4th Quarter of 2018, an increase of 73.7%. Net Income for the year was $1.29 Billion, the highest annual Net Income in the last 18 years.

With $365.3 Million of Net Income, the industry continued its strong financial position.  Total Assets were over $10.6 Billion, including $9.8 Billion in Cash and Invested Assets.  Statutory Surplus is almost $5.0 Billion and Statutory Reserves are strong at over $4.7 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 returned, up by 1.5%, 9.7% and 18.1%, respectively.

On a state-by-state basis, 49 states showed 4th Quarter 2019 written premiums increasing from 4th Quarter 2018. Three states were up over 40%, 9 states were up between 30% and 40%, 9 states were up between 20% and 30%, 24 states were up between 10% and 20% and 4 states were up less than 10%. Only one state, plus the District of Columbia, showed decreases, both less than 5%.

Of the ten largest states, all ten recorded increases. The largest state - Texas was up 5.3%, California, the #2 state, was up 30.0%, Florida, the #3 state, was up 18.3%, New York, the #4 state, was up 5.8% and Pennsylvania, the #5 state, was up 20.8%.

Contact ALTA at 202-296-3671 or communications@alta.org.