Title insurance premium volume declined 16.6% during the second quarter of 2014 when compared to the same period a year ago, according to American Land Title Association, a trade association for the industry.
The title insurance industry generated $2.7 billion in title insurance premiums during the second quarter of 2014 compared to $3.3 billion during the second quarter of 2013 according to ALTA’s 2014 Second-Quarter Market Share Analysis.
“A lackluster spring homebuying season that was weaker than anticipated coupled with a substantial decline in refinance activity resulted in the drop in title insurance premium volume,” said Michelle Korsmo, ALTA’s chief executive officer. “Despite the lull in the housing market, the title insurance industry remains in a strong financial position posting more than $90 million in net income this quarter. Additionally, the industry has admitted assets of $8.6 billion, including more than $7.6 billion in cash and invested assets.
“For more than a century, title insurance companies have protected the interests of homebuyers through a process that has given Americans a sense of security in what is almost always their most significant investment – their homes,” Korsmo continued.
Notable highlights by state comparing the second quarter of 2014 with the same period in 2013:
- Texas: $430 million, down 1.5% from Q2 2013
- California: $354 million, down 21.5%
- Florida: $264 million, down 10%
- New York: $225 million, down .6%
- Illinois: $101 million, up 2.9%)
Market share by family/company:
- Fidelity Family 34%
- First American Family 27%
- Old Republic Family 14%
- Stewart Family 12%
- Independent Underwriters 12%