ALTA: Title Insurance Premiums Hit $9.47 Billion in 2011
The American Land Title Association (ALTA) has reported that title insurance premiums written during 2011 decreased slightly when compared to the previous year. According to ALTA’s preliminary 2011 Year-end and Fourth-Quarter Market Share Analysis, the title insurance industry generated $9.47 billion in title insurance premiums in 2011, down 1.5 percent from 2010. During Q4 of 2011, the industry reported $2.57 billion in title insurance premiums, down 6.5 percent from the same period in 2010. The states generating the most title insurance premiums during 2011 were California ($1.33 billion, down 5.3 percent compared to 2010), Texas ($1.15 billion, up 8.5 percent), New York ($719.5 million, up 8.3 percent), Florida ($718.6 million, up 1.8 percent) and Pennsylvania ($410.0 million, down 4.5 percent). Overall, 15 states and the District of Columbia reported increases in title insurance premiums written during 2011 when compared to 2010. During the fourth quarter of 2011, 10 states and the District of Columbia reported increases in title insurance premium written compared to Q4 of 2010. Among the 10 states with the largest volume of title insurance premium written, Illinois reported a 29 percent increase compared to the fourth quarter of 2010. In terms of market share, the Fidelity Family of title insurance underwriters captured 34.7 percent of the market in 2011, the First American Family garnered 26.8 percent, the Stewart Family had 13.7 percent and the Old Republic Family recorded 13 percent. Meanwhile, independent companies comprised 11.8 percent of the market in 2011.