For Immediate Release
ALTA Reports Full-year, Q4 2021 Title Premium Volume
Washington, DC, May 6, 2022 — Driven by historic mortgage origination activity and substantial increase in home values, the American Land Title Association reported title insurance premium volume increased 35.9% during 2021 when compared with 2020. The title insurance industry generated $26.2 billion in title insurance premiums during 2021 compared with $19.2 billion during 2020, according to ALTA’s Market Share Analysis.
Overall, total operating income for the industry was up 33.4%, operating expenses increased 32% and loss and loss adjustment expenses were up 2.3 percent. In 2021, the industry paid more than $474.4 million in claims.
While the overall expense to purchase a home has increased significantly the past few years, the cost of title insurance coverage has decreased 7% since 2004. This means for each dollar of premium a consumer purchases, they get an extra $26 in coverage compared with 2004.
“Incredibly low mortgage rates lead to an unprecedented increase in real estate transactions and substantially higher home values,” said ALTA CEO Diane Tomb. “Those factors—caused in part by the unique circumstances of the COVID-19 pandemic—contributed to the record title insurance premium volume, which the title industry won’t see again soon. The majority of title professionals were busier in 2021 than they ever have been, but even important than volume is that—no matter how busy they are—ALTA members continue to prioritize accuracy, security and efficiency to ensure homebuyers are protected before they even step over their new threshold.”
Top 10 Underwriters
- First American Title Insurance Co., 20.5%
- Old Republic National Title Insurance Co., 14.8%
- Chicago Title Insurance Co., 14%
- Fidelity National Title Insurance Co., 13.5%
- Stewart Title Guaranty Co., 8.9%
- Westcor Land Title Insurance Co., 5.9%
- Commonwealth Land Title Insurance Co., 4.1%
- WFG National Title Insurance Co., 2.8%
- Title Resources Guaranty Co., 2.4%
- Doma Title Insurance Co., 1.9 %
Top 5 States
- Texas, $3.52 billion (+39.5%)
- Florida, $2.89 billlion (+52.1%)
- California, $2.82 billion (+24.6%)
- New York, $1.45 billion (+42.8%)
- Pennsylvania, $1.18 billion (+42.4%)
Click here for more market share data. ALTA expects to release Q1 2022 market share data around June 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