American Land Title Association says title insurance premiums are down 4.6%
The American Land Title Association says title insurance premiums fell 4.6% in the third quarter over last year as revenue from overall premiums declined nationally. In the third quarter, the title insurance industry noted $2.35 billion in title insurance premiums, down from $2.47 billion in title insurance premiums during the same quarter a year earlier. Still, 14 states and Washington D.C. saw an increase in title insurance premiums, while the remaining 36 states saw declines. States with the highest title insurance premiums include Texas, which saw its premiums rise 5.3% to $303 million; Florida, which saw its premiums jump up 1.6% to $185 million; New York, which saw its premiums increase 7.3% to $185 million; and California, which had premiums of $336 million, a number that is down 8.7% from last year. The Fidelity family of title insurance underwriters captured 34.1% of the market, First American nabbed 26.9% of the market, the Stewart family of companies pulled in 14.4% of the market and Old Republic captured 12.7%. Write to Kerri Panchuk.