In its year-end report, the American Land Title Association (ALTA) announced an 11.5 percent increase in title insurance premiums written in 2013. According to the preliminary 2013 Year-end and Fourth-Quarter Market Share Analysis, the title insurance industry generated $12.7 billion in title insurance premiums, up 11.5 percent from 2012.
During the fourth quarter of 2013, the industry reported $3 billion in title insurance premiums, down slightly when compared to the same quarter the previous year.
“The title insurance industry continued to strengthen over the past year as the housing market maintained its recovery in 2013,” said Michelle Korsmo, ALTA’s chief executive officer. “Overall, 47 states and the District of Columbia reported increases in title insurance premiums written during 2013 when compared to 2012.”
States generating most title insurance premium in 2013:
- Texas ($2 billion, up 19.2 percent from 2012)
- California ($2 billion, down 4.5 percent)
- Florida ($1 billion, up 25.2 percent)
- New York ($991 million, up 20.2 percent) and
- Pennsylvania ($567 million, up 12.1 percent)
States reporting largest percent increase from 2012 to 2013:
- North Dakota (31 percent)
- West Virginia (28 percent) and
- Florida (25 percent)
During Q4 of 2013, 13 states saw increases in title insurance premium compared to Q4 2012.
States with highest percent increase in Q4 2013 compared to Q4 2012:
- North Dakota (23 percent)
- New York (20 percent)
- South Carolina (17 percent) and
- Vermont (12 percent)
- Fidelity Family (33 percent)
- First American Family (27 percent)
- Old Republic Family (15 percent)
- Stewart Family (12 percent)
- Independent Underwriters (13 percent)
ALTA expects to release its first-quarter 2014 Market Share Analysis around June 1.