WASHINGTON--(BUSINESS WIRE)--The American Land Title Association (ALTA), the national trade association of the land title insurance industry, reported title insurance premium volume declined 16.6 percent during the second quarter of 2014 when compared to the same period a year ago.
The title insurance industry generated $2.7 billion in title insurance premiums during the second quarter of 2014 compared to $3.3 billion during the second quarter of 2013 according to ALTA’s 2014 Second-Quarter Market Share Analysis.
“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,” said Michelle Korsmo, ALTA’s chief executive officer. “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. Additionally, the industry has admitted assets of $8.6 billion, including more than $7.6 billion in cash and invested assets.”
“For more than a century, title insurance companies have protected the interests of homebuyers through a process that has given Americans a sense of security in what is almost always their most significant investment – their homes,” Korsmo continued.
A FEW STATISTICS:
States Generating Most Title Insurance Premiums in Q2 2014 Compared to
- Texas ($430 million, down 1.5 percent from Q2 2013)
- California ($354 million, down 21.5 percent)
- Florida ($264 million, down 10 percent)
- New York ($225 million, down .6 percent) and
- Illinois ($101 million, up 2.9 percent)
Market Share Among Title Insurance Family/Company:
- Fidelity Family (34 percent)
- First American Family (27 percent)
- Old Republic Family (14 percent)
- Stewart Family (12 percent)
- Independent Underwriters (12 percent)
ALTA expects to release its third-quarter 2014 Market Share Analysis around December 1.
The American Land Title Association, founded in 1907, is the national trade association representing more than 5,300 title insurance companies, title and settlement agents, independent abstracters, title searchers, and real estate attorneys. With offices throughout the United States, 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.