The American Land Title Association (ALTA), the national trade association of the land title insurance industry, released its preliminary “2014 Year-end and Fourth-Quarter Market Share Analysis.”
The title insurance industry generated $11.3 billion in title insurance premiums in 2014, down 10.9 percent from 2013 and about even with 2012 levels. During the fourth quarter of 2014, the industry reported $3.1 billion in title insurance premiums, up slightly when compared with the same quarter the previous year.
“A prolonged winter, continued decline in refinance activity, combined with less housing market demand due to a lack of consumer confidence resulted in a lower number of title insurance premiums written in 2014,” ALTA CEO Michelle Korsmo said. “Purchasing a home is one of the largest investments a person makes in their lifetime. ALTA members are proud to continue to offer homebuyers peace of mind by providing owner’s title insurance policies that offer financial protection of the home for as long as they own the property. No homeowner wants to inherit any existing debts or legal problems as they receive the keys to their new home.”
Texas was the state that generated the most title insurance premiums in 2014 at $1.7 billion, up 0.5 percent from 2013. California was next at $1.3 billion, down 13.9 percent from a year earlier. Florida ($1 billion, down 3.7 percent) and New York ($975 million, down 1.6 percent) before a drop to Pennsylvania in fifth ($422 million, down 25.7 percent).
Fidelity’s family of businesses had the top market share in 2014 at 32 percent, followed by the First American family (28 percent), Old Republic family (15 percent), Stewart family (13 percent) and independent underwriters (12 percent).
For the fourth quarter of 2014, 19 states saw premiums increase from the fourth quarter of 2013. Leading the way was Oregon at 15 percent and Missouri at 12 percent, followed by Arkansas and Louisiana (10 percent each) and Texas (7 percent).
Fidelity’s family of businesses led in market share in the fourth quarter at 32 percent, followed by First American family (28 percent), Old Republic family (15 percent), Stewart family (13 percent) and independent underwriters (12 percent).
ALTA expects to release its first-quarter 2015 Market Share Analysis around June 1.