The title insurance industry generated $4.3 billion in title insurance premiums during the third quarter of 2024, according to the American Land Title Association’s (ALTA’s) latest Market Share Analysis. This is up 5.3% compared to the same period during 2023.
“Results of the latest quarter reflect headwinds from continued elevated interest rates and limited housing supply that have hampered volume for home sales and mortgage refinances for more than a year,” said Diane Tomb, ALTA’s chief executive officer. “While the housing market is slowly climbing out of a cyclical downturn, ALTA members will continue to deliver a valuable service and insurance product. Title insurance is the best option to reduce risk and protect property rights for consumers and lenders.”
During the third quarter of 2024, total operating income for the industry was up 4.7%, while operating expenses, and loss and loss adjustment expenses were up 6.1%. This resulted in a net operating gain of $199.2 million. This compared to $323.5 million for the third quarter of 2023, a decrease of 17.6%.
Through the first nine months of 2024, title insurance premium volume was up 3.2% ($11.8 billion) compared to the first nine months of 2023 ($11.4 billion). The title industry paid $502.9 million in claims during the first nine months of 2024. This is up from $485.2 million in claims paid during the same period a year ago.
Top 10 Underwriters by Q3 Market Share
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First American Title Insurance Co., 21.9%
- Old Republic National Title Insurance Co., 14.5%
- Fidelity National Title Insurance Co., 14.0%
- Chicago Title Insurance Co., 13.5%
- Stewart Title Guaranty Co., 9.3%
- Westcor Land Title Insurance Co., 3.9%
- Commonwealth Land Title Insurance Co., 3.3%
- Title Resources Guaranty Co., 3.0%
- WFG National Title Insurance Co., 2.6%
- Doma Title Insurance Co., 1.7%
Top 5 States During Q3
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Texas, $622.0 million (+1.3%)
- Florida, $528.1 million (+1.1%)
- California, $370.5 million (+7.7%)
- New York, $246.6 million (+1.2%)
- Pennsylvania, $175.0 million (+6.6%)
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.