The American Land Title Association (ALTA) reported title insurance premium volume declined 16 percent during the first quarter of 2014 when compared to the same period a year ago.
The title insurance industry generated $2.4 billion in title insurance premiums during the first quarter of 2014 compared to $2.9 billion during the first quarter of 2013.
“The first quarter, traditionally slow for real estate, was even more so during the first three months of 2014 due to the harsh winter,” said Michelle Korsmo, ALTA’s chief executive officer. “Through disciplined expense management, the land title insurance industry posted almost $100 million in net income despite the expected seasonal dip in premium written. The industry remains in a strong financial position and has admitted assets of $8.5 billion, including more than $7.6 billion in cash and invested assets.”
States Generating Most Title Insurance Premiums in Q1 2014 Compared to Q1 2013:
Texas ($361 million, up 3.7 percent from Q1 2013)
California ($279 million, down 25.9 percent)
Florida ($231 million, down 2.0 percent)
New York ($216 million, down 2.4 percent) and
Pennsylvania ($92 million, down 33.6 percent)
Market Share Among Title Insurance Family/Company:
Fidelity Family (31 percent)
First American Family (28 percent)
Old Republic Family (15 percent)
Stewart Family (13 percent)
Independent Underwriters (12 percent)