AIP - Norman Spencer
TitlePac
Register
Log In
Forget your Password?

Home
Directory
Bulletins
Forums
Blogs
Articles
Links
Classifieds
About Us
Contact Us
Advertise
FAQ
Privacy Policy


American Land Title Association Reports Title Insurance Premium Volume Jumps 27.5 Percent
press release, American Land Title Association
   

The title insurance industry generated $3.92 billion in title insurance premiums during the first quarter of 2020 compared to $3.07 billion during the same period a year ago, according to ALTA’s latest Market Share Analysis.

“With title insurance premium volume dependent on mortgage origination volume, all 50 states and the District of Columbia showed first-quarter premiums written increasing 27.5 percent compared to the first quarter of the previous year,” said Diane Tomb, ALTA’s chief executive officer. “While the COVID-19 pandemic has shifted consumer demand in housing, origination volume in the first-quarter continued to hover near historic levels. Coming second-quarter figures will undoubtedly reflect more of the impact of the pandemic on the marketplace, and title and settlement professionals will continue to close these transactions in a safe and efficient manner with a focus on protecting consumers as the top priority.”

Overall, total operating income for the industry was up 26.3 percent, operating expenses were up 25.3 percent, and loss and loss adjustment expenses were up 11.7 percent. Through the first quarter of 2020, the industry has paid more than $409 million in claims.

“The title insurance industry remains in strong financial position with total assets over $9.7 billion, including $8.8 billion in cash and invested assets,” Tomb said. “Additionally, statutory surplus is almost $4.7 billion and statutory reserves are strong at over $4.3 billion.”

During the latest quarter, the industry paid $126.0 million in claims. This is down from $128.3 million in claims paid during the first quarter of 2019.

Family Market Share (82.2%)

  • Fidelity Family, 32.8%
  • First American Family, 24.3%
  • Old Republic Family, 15.5%
  • Stewart Family, 9.5%

Independent Companies (17.8%)

  • Westcor Land Title Insurance Co., 5.2%
  • WFG National Title Insurance Co., 2.8%
  • Title Resources Guaranty Co., 2.2%
  • North American Title Insurance Co., 1.8%
  • Alliant National Title Insurance Co., 0.9%
  • First National Title Insurance Co., 0.9%
  • Connecticut Attorneys Title Insurance Co., 0.9%

 



to post a comment on this article: login - or - register



Redvision (DataTrace)
Directory

The Source of Title Business directory has 8757 listed companies.

Leave feedback on a company:
SOT ID #:  learn more...
DRN Title Search
Blogs

Read other users' blogs-- or start your own!

Most Recent Blog Posts:

How You Can Conduct a Closing in Your Office
Michele Blanco's Blog
2020/05/11
0 comments

Only allowing e-recording could be a BIG problem for us
Jeanine Johnson's Blog
2020/03/23
4 comments

Hennepin County MN Only Accepting Electronic Documents at this time
Jeanine Johnson's Blog
2020/03/16
0 comments

NAILTA
Forums

Source of Title's Forums are the place for title industry discussions.
Recent posts in the forums:



Classifieds

Buy, sell, or trade! Browse the ads or post your own!

Title Abstractor
July 01 2020
Hello, my name is Johanna Malki, I have been in this business 20+ years, I carry E & O insurance and work in Florida. I have worked for many title companies in the past and present. Looking for someone who will appreciate
years of experience. pl...[more info]


email
© 2007, Source of Title.