The US title insurance industry generated $4.5 billion in premiums during the first quarter, up from $3.9 billion in the same period one year earlier, according to a data report from the American Land Title Association (ALTA).
The title insurance industry paid nearly $151 million in claims during the first quarter, down from about $161 million in claims paid during the same period one year earlier. First American Title Insurance Co. was the quarter’s top underwriter with a 24.2% market share, followed by Fidelity National Title Insurance Co. at 13.9%, Old Republic National Title Insurance Co. at 13.7%, Chicago Title Insurance Co. at 12.6% and Stewart Title Guaranty Co. at 11.3%.
“Every real estate transaction represents a significant financial investment, and title professionals are working behind the scenes to ensure those transactions can close safely and securely,” said ALTA CEO Chris Morton. “The industry’s first-quarter results reflect the continued demand for the critical work title companies perform to identify hidden risks, prevent losses and protect property rights. Even as fraud threats and transaction complexity continue to increase, title professionals remain focused on delivering the certainty and peace of mind consumers, investors and lenders deserve.”
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