|[August 28, 2014]
American Land Title Association Reports 16.6% Dip in Title Insurance Premiums
WASHINGTON --(Business Wire)--
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 astrong 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.
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.
Connect with ALTA on Facebook (News - Alert) here.
Follow ALTA on Twitter (News - Alert) here.
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