Title insurance premium volume has fallen 16.6 percent during the second quarter of this year compared to last year, according to the American Land Title Association.
“A lackluster spring homebuying season that was weaker than anticipated, coupled with a substantial decline in refinance activity, resulted in the drop in title insurance premium volume,” says Michelle Korsmo, ALTA’s CEO. “Despite the lull in the housing market, the title insurance industry remains in a strong financial position posting more than $90 million in net income this quarter. … For more than a century, title insurance companies have protected the interests of home buyers through a process that has given Americans a sense of security in what is almost always their most significant investment – their homes.”
Capitalizing on Titles
During the second quarter of 2014, the title insurance industry generated $2.7 billion in title insurance premiums, compared with $3.3 billion during the second quarter of 2013, according to ALTA.
The title insurance companies that have the largest market share in the industry are Fidelity Family (34%); First American Family (27%), and Old Republic Family (14%).
Meanwhile, the following states generated the most title insurance premiums in the second quarter of 2014:
- Texas: $430 million, down 1.5% from the second quarter of 2013
- California: $354 million, down 21.5%
- Florida: $264 million, down 10%
- New York: $225 million, down 0.6%
- Illinois: $101 million, up 2.9%
Source: American Land Title Association
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