According to the American Land Title Association's (ALTA's) latest Market Share Analysis [1], the title insurance industry generated $21 billion in title insurance premiums during 2022, a 16% decrease compared to 2020.
"Title professionals across the country continue to navigate their businesses through this challenging and volatile real estate cycle, dedicated to serving their customers, protecting property rights and supporting their communities despite the uncertainty of the marketplace," said Diane Tomb, ALTA's CEO [2].
Founded in 1907, ALTA is a national trade association representing more than 6,500 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.
During Q4 of 2022, title premium volume totaled $4.4 billion, down 38% from the $7.1 billion in title premium volume generated during the same quarter in 2021. Total operating income for the industry was down 37.1%, and operating expenses decreased 34.8%, while loss and loss adjustment expenses were down as well.
In 2022, the industry paid more than $596.1 million in claims, a total that was up from $474.4 million in claims paid in 2021.
By market share, the top companies ranked by ALTA included:
- First American Title Insurance Company (22.1%)
- Old Republic Title Insurance Company (15.8%)
- Fidelity National Title Insurance Company (13.7%)
- Chicago Title Insurance Company (13.3%)
- Stewart Title Insurance Company (8.9%)
- Westcor Land Title Insurance Company (4.4%)
- Commonwealth Land Title Insurance Company (3.4%)
- Title Resources Guaranty Company (2.5%)
- WFG National Title Insurance (2.5%)
- Doma Title Insurance (1.8%)
ALTA also reported the top states by title premium volume in 2022, which included:
- Texas at $3.39 billion (-3.9%)
- Florida at $2.69 billion (-6.9%)
- California at $1.89 billion (-33.1%)
- New York at $1.36 billion (-6.0%)
- Pennsylvania at $898 million (-23.7%)
In Q3 of 2022, ALTA reported that the title insurance industry generated $5.4 billion in premiums, a total that was down 20.6% compared to the same period during 2021.
“Results of the latest quarter reflect headwinds from higher interest rates that have resulted in a significant drop in home sales and mortgage refinances the past several quarters,” said Tomb of the Q3 2022 report. “While the housing market remains in 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.”