Title Insurance Premium Volume Rises 27.5% In Q1

Jun 25, 2020

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 the latest Market Share Analysis from the American Land Title Association (ALTA).

“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%, 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.”

Overall, total operating income for the industry was up 26.3%, 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, down from $128.3 million in claims paid during the first quarter of 2019.

About the author

NationalMortgageProfessional.com

Link copied

Published

Jun 25, 2020

Analysis and Data

Monthly, Yearly Jump In New Home Sales In March

The growth coincides with roughly a quarter of builders saying they cut prices last month.

Sales of newly built, single-family homes in March jumped 8.8% month-over-month, reaching a seasonally adjusted annual rate of 693,000 units compared to February's revised 637,000 units, according to data released jointly today by the U.S. Census Bureau and the Department of...

Analysis and Data

Home Price Growth Expected To Remain Stagnant

Redfin Home Price Index shows 0.6% growth month-over-month

Redfin’s latest Home Price Index (HPI) echoed the findings of other HPIs reflecting quarter-one data, with prices remaining on a slight incline across the U.S. Home prices climbed 0.6% nationally in March on a seasonally-adjusted basis, matching February’s 0.6% month-over...