Washington, D.C., March 20, 2013 — The American Land Title Association (ALTA) reported title insurance premiums written during 2012 increased greatly when compared to the previous year.
According to ALTA’s preliminary 2012 Year-end and Fourth-Quarter Market Share Analysis, the title insurance industry generated $11.4 billion in title insurance premiums in 2012, up nearly 21 percent from 2011. During the fourth quarter of 2012, the industry reported $3.3 billion in title insurance premiums, up more than 30 percent from the fourth quarter of 2011.
The states generating the most title insurance premiums during 2012 were California ($1.7 billion, up 25 percent compared to 2011), Texas ($1.4 billion, up 24 percent), Florida ($893 million, up 24 percent), New York ($825 million, up 15 percent), and Pennsylvania ($505 million, up 23 percent). Overall, 48 states and the District of Columbia reported increases in title insurance premiums written during 2012 when compared to 2011. States reporting the largest percent increase from 2011 to 2012 were Illinois (43 percent), North Dakota (42 percent), and Georgia (30 percent).
During the fourth quarter of 2012, 49 states and D.C. reported increases in title insurance premium written compared to the fourth quarter of 2011. The states with the highest percent increase in title insurance premium volume compared to the fourth quarter of 2011 include Illinois (82 percent), Kansas(49 percent), Tennessee (48 percent), Delaware (47 percent) and Missouri (47 percent).
In terms of market share, the Fidelity Family of title insurance underwriters captured 34 percent of the market in 2012, the First American Family garnered 26 percent, the Old Republic Family recorded 14 percent, and the Stewart Family had 13 percent. Meanwhile, independent companies comprised 13 percent of the market in 2012.
Market share data is preliminary as year-end totals have been estimated for three companies. ALTA expects to release its first-quarter 2013 Market Share Analysis around June 1.