The title insurance industry generated $4.3 billion in title insurance premiums during the third quarter, according to new data from the American Land Title Association (ALTA). This marked a 5.3% upswing from one year earlier.
During the third quarter, total operating income for the title insurance 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, which ALTA noted was down by 17.6% from the $323.5 million recorded in the third quarter of 2023.
For the first nine months of 2024, title insurance premium volume was up 3.2% ($11.8 billion) compared to the same period last year ($11.4 billion). The title industry paid $502.9 million in claims during the first nine months of this year, up from $485.2 million in claims paid during the same period a year ago.
The top underwriters in the third quarter as measured by market share were First American Title Insurance Co. (21.9%), Old Republic National Title Insurance Co. (14.5%) and Fidelity National Title Insurance Co. (14.0%).
“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 ALTA CEO Diane Tomb. “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.”
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