The American Land Title Association (ALTA) reported a 20.6 percent rise in title insurance premium volume during the second quarter of 2013 when compared to the same period a year ago. According to ALTA’s 2013 Second-Quarter Market Share Analysis, the title insurance industry generated $3.3 billion in title insurance premiums during the second quarter of 2013 compared to $2.7 billion during the second quarter of 2012.
“The title insurance industry continues to show financial stability and strength as the housing economy as a whole is improving,” said Michelle Korsmo, ALTA’s chief executive officer. “All 50 states and Washington, D.C. have once again experienced improvement according to our market analysis for the second quarter of 2013.”
The states generating the most title insurance premiums during the second quarter of 2013 were:
►California ($451.4 million, up 8.7 percent compared to the second quarter of 2012)
►Texas ($436.4 million, up 30.8 percent)
►Florida ($294 million, up 34.8 percent)
►New York ($226.1 million, up 16.8 percent)
►Pennsylvania ($148.5 million, up 31.3 percent)
Six states experienced a 35 percent or more increase in title insurance premiums during the second quarter of 2013 compared to the same period a year ago:
►Louisiana (50.5 percent)
►North Dakota (45.6 percent)
►West Virginia (42.8 percent)
►Georgia (39.9 percent)
►Iowa (35 percent)
►Florida (35 percent)
The breakdown of market share was led by the Fidelity Family of title insurance underwriters with 33.5 percent of the market during the second quarter of 2013, while the First American Family acquired 26.2 percent, the Old Republic Family reported 14.5 percent and the Stewart Family gained 12.4 percent.
Meanwhile, independent underwriters held 13.4 percent of the market during the second quarter of 2013, up from 12.77 percent market share during the same period a year ago.