ALTA reports increases in FY, Q4 2010 title insurance premiums
The American Land Title Association reported Monday that title insurance premiums written during 2010 and in the fourth quarter increased slightly when compared to the previous year. According to ALTA’s preliminary 2010 year-end market share analysis, the title insurance industry generated $9.61 billion in title insurance premiums in 2010 — up 0.2% from 2009. During 4Q of 2010, the industry reported $2.7 billion in title insurance premiums — up 7.6% from Q4 2009. The states that generated the most title insurance premiums during last year were California ($1.41 billion, down 6.3% compared to 2009), Texas ($1.06 billion, up 4.6%), Florida ($705.6 million, up 0.8%), New York ($664.4 million, up 13.5%) and Pennsylvania ($429.2 million, down 3.8%). Overall, 22 states and the District of Columbia reported increases in title insurance premiums written during 2010 when compared to 2009. Of note, D.C. experienced a 34.7% jump in title insurance premiums written during 2010 versus the same period a year ago, while Colorado reported a 19.6% spike. During 4Q of 2010, 31 states reported increases in title insurance premium written compared to 4Q of 2009. Among the 10 states with the largest volume of title insurance premium written, only Arizona and Virginia reported a decrease, ATLA said. In terms of market share, the Fidelity family of title insurance underwriters captured 37.8% of the market in 2010, the First American family garnered 26.7%, the Stewart family had 13.7% and the Old Republic family recorded 11%. Meanwhile, regional underwriters picked up 2.6% of the market during 2010, the release said. Write to Shaina Zucker.