The title insurance industry generated $4.09 billion in title insurance premiums during the second quarter of 2024 compared with $3.92 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 up 3.5% during the second quarter of 2024 compared to Q2 2023. The industry continued its strong financial position with total assets were $11.3 billion, while the statutory surplus was at $5.0 billion and statutory reserves were $5.6 billion.
For the first six months of the year, title premium volume is up 2% compared to the first six months of 2023. The industry has paid $333.7 million in claims through the first six months of 2024. This is up from $331.7 million paid during the first half of 2023.
“The second quarter results reflect the strength and adaptability of the title insurance industry as the housing market experiences slowly decreasing mortgage rates after peaking in October 2023,” said ALTA CEO Diane Tomb. “Title insurance professionals continue to play a critical role in preventing fraud and protecting property rights, ensuring secure real estate transactions in this evolving market. As we move forward, the title industry remains dedicated to providing exceptional service and peace of mind to homebuyers and lenders.”
Top 10 Individual Underwriters by Q2 Market Share
- First American Title Insurance Co., 21.5%
- Fidelity National Title Insurance Co., 15.0%
- Old Republic National Title Insurance Co., 14.4%
- Chicago Title Insurance Co., 13.8%
- Stewart Title Guaranty Co., 8.7%
- Westcor Land Title Insurance Co., 3.6%
- Commonwealth Land Title Insurance Co., 3.5%
- Title Resources Guaranty Co., 2.9%
- WFG National Title Insurance Co., 2.6%
- Doma Title Insurance Co., 1.8%
Top 5 States in Q2
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Texas: $ 606,882,150, +2.1%
- Florida: $525,727,393, +2.8%
- California: $378,485,558, +5.5%
- New York: $227,495,829, +5.1%
- Pennsylvania: $152,408,616, +4.8%
Click here for more market share data.
About ALTA
The American Land Title Association, founded in 1907, is a national trade association representing more than 6,000 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.