The U.S. title insurance industry generated $21 billion in title insurance premiums during 2022, a 16% decrease compared to 2020, according to new data from the American Land Title Association (ALTA).
During the fourth quarter of 2022, title premium volume totaled $4.4 billion, a 38% decline from the $7.1 billion in title premium volume generated one year earlier. Total operating income for the industry was down 37.1% while operating expenses decreased 34.8%. Loss and loss adjustment expenses were down as the industry paid more than $596.1 million in claims last year, up from the $474.4 million in claims paid in 2021.
The top companies by market share in 2022 were First American Title Insurance Co. (22.1%), Old Republic Title Insurance Co. (15.8%), Fidelity National Title Insurance Co. (13.7%), Chicago Title Insurance Co. (13.3%) and Stewart Title Insurance Co. (8.9%).
“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 ALTA CEO Diane Tomb.