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The American Land Title Association (ALTA) has reported that title insurance premium volume decreased 10.8 percent during the third quarter of 2014 when compared to the same period a year ago. The title insurance industry generated $3 billion in title insurance premiums during the third quarter of 2014 compared to $3.4 billion during the third quarter of 2013. Additionally, the title insurance industry posted a net operating gain of $231.6 million for the third quarter of 2014. This is the highest quarterly gain since the third quarter of 2006.
“With the purchase market struggling to gain traction due to weak demand and a continued decline in refinance activity, title insurance premiums dropped again this quarter,” said Michelle Korsmo, chief executive officer of the American Land Title Association. “Despite a decrease in written title insurance premiums, the industry continues to be in a strong financial position posting more than $200 million in net income this quarter. Additionally, the industry has admitted assets of $8.7 billion, including more than $7.8 billion in cash and invested assets.”
By the numbers:
States Generating Most Title Insurance Premiums in Q3 2014 Compared to Q3 2013:
►Texas ($451 million, down 5.7 percent from Q3 2013)
►California ($373 million, down 9.7 percent)
►Florida ($295 million, down 5.9 percent)
►New York ($252 million, down 2.2 percent)
►Pennsylvania ($114 million, down 24.9 percent)
Market Share Among Title Insurance Family/Company:
►Fidelity Family (32.8 percent)
►First American Family (27.6 percent)
►Old Republic Family (14.8 percent)
►Stewart Family (12.6 percent)
►Independent Underwriters (12.2 percent)