WASHINGTON, May 8, 2023 /PRNewswire/ -- The title insurance industry generated $21 billion in title insurance premiums during 2022, a 16% decrease compared to 2020, according to the American Land Title Association's (ALTA's) latestMarket Share Analysis.
"Title professionals across the country continue to navigate their businesses through this challenging and volatile real estate cycle, dedicated to serving their customers, protecting property rights and supporting their communities despite the uncertainty of the marketplace," said Diane Tomb, ALTA's chief executive officer.
During the fourth quarter of 2022, title premium volume totaled $4.4 billion. This was down 38% from the $7.1 billion in title premium volume generated during the same quarter in 2021. Total operating income for the industry was down 37.1%, operating expenses decreased 34.8%, and loss and loss adjustment expenses were down.
In 2022, the industry paid more than $596.1 million in claims. This is up from $474.4 million in claims paid in 2021.
Top Companies by Market Share in 2022
- First American Title Insurance Co., 22.1%
- Old Republic Title Insurance Co., 15.8%
- Fidelity National Title Insurance Co., 13.7%
- Chicago Title Insurance Co., 13.3%
- Stewart Title Insurance Co., 8.9%
- WestcorLand Title Insurance Co., 4.4%
- Commonwealth Land Title Insurance Co., 3.4%
- Title Resources Guaranty Co., 2.5%
- WFGNational Title Insurance Co., 2.5%
- DomaTitle Insurance Co., 1.8%
Top States by Title Premium Volume in 2022
- Texas, $3.39 billion (-3.9%)
- Florida, $2.69 billion (-6.9%)
- California, $1.89 billion (-33.1%)
- New York, $1.36 billion (-6.0%)
- Pennsylvania, $898 million (-23.7%)
Click herefor more market share data. ALTA expects to release Q1 2023 market data around June 1.
About ALTA
The American Land Title Association, founded in 1907, is a national trade association representing more than 6,500 title insurance companies, title and settlement agents, independent abstracters, title searchers and real estate attorneys. ALTA members conduct title searches, examinations, closings and issue title insurance that protects real property owners and mortgage lenders against losses from defects in titles.
Contact: Megan Hernandez
Office: 202-261-0315
Email: [emailprotected]
SOURCE American Land Title Association
