ALTA Reports Q2 2023 Title Insurance Premium Volume

WASHINGTON, Sept. 19 (TNSres) -- The American Land Title Association issued the following news release:

The title insurance industry generated $3.91 billion in title insurance premiums during the second quarter of 2023 compared to $6.21 billion during the same period a year ago, according to the American Land Title Association's (ALTA's) latest Market Share Analysis.

Total operating income was down 48.5% during the second quarter of 2023 compared with Q2 2022. Despite the decrease in net income, the title insurance industry continued its strong financial position. Total assets were $11.6 billion, while the statutory surplus was at $5.2 billion and statutory reserves were $5.9 billion.

For the first six months of the year, title premium volume is down 40% compared with the first six months of 2022. The industry has paid $331.8 million in claims through the first six months of 2023. This is up from $277.2 million paid during the first half of 2022.

"While title premium volume decreased 37% during the latest quarter, title insurance professionals continue to manage their businesses through the challenging market and remain focused on facilitating real estate transactions and protecting property rights," said Diane Tomb, ALTA's chief executive officer.

Top 10 Individual Underwriters by Q2 Market Share

* First American Title Insurance Co., 22.3%

* Old Republic National Title Insurance Co., 14.8%

* Fidelity National Title Insurance Co., 14.1%

* Chicago Title Insurance Co., 13.7%

* Stewart Title Guaranty Co., 8.4%

* Westcor Land Title Insurance Co., 3.6%

* Commonwealth Land Title Insurance Co., 3.5%

* Title Resources Guaranty Co., 3.2%

* WFG National Title Insurance Co., 2.5%

* Doma Title Insurance Co., 2.0%

Top 5 States in Q2

* Texas: $594,236,001, -38.7%

* Florida: $511,227,714, -33.6%

* California: $358,767,138, -38.4%

* New York: $216,402,585, -43.8%

* Pennsylvania: $145,440,429, -38.8%

Click here (https://www.alta.org/industry-research/index.cfm) for more market share data.

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Original text here: https://www.alta.org/publications/press-release.cfm?ALTA-Reports-Q2-2023-Title-Insurance-Premium-Volume