Title insurance premium volume increased 5.3% in Q3 2024

As the housing market picked up in much of the country during the third quarter of 2024, so did business for the title insurance industry. During the third quarter of 2024, the title industry generated $4.3 billion in title premiums, up 5.3% annually, according to the American Land Title Association (ALTA)’s Market Share Analysis report published Wednesday.

“Results of the latest quarter reflect headwinds from continued elevated interest rates and limited housing supply that have hampered volume for home sales and mortgage refinances for more than a year,” Diane Tomb, ALTA’s chief executive officer, said in a statement.

In total, during the first nine months of the year, title insurance premiums are up 3.2% annually to $11.8 billion. However, the title industry has paid out more in claims during the first nine months of the year, with the total claims paid coming in at $502.9 million, up from $485.2 million a year ago.

Additionally, the report found that the total operating income for the industry was up 4.7% even as operating expenses, and loss and loss adjustment expenses, were up 6.1%. Overall, the industry reported a net operating gain of $199.2 million, down 17.6% annually.

The five states with the largest title premium volumes in Q3 2024 were Texas ($622.0 million), Florida ($528.1 million), California ($370.5 million), New York ($246.6 million) and Pennsylvania ($175.0 million). The same five states held the top spots in the second quarter of 2024.

All five states posted year-over-year increases in volume in Q3 2024, with California recording the largest increase at 7.7% and Florida posting the smallest at 1.1%.

Top underwriters for the quarter by market share included First American Title insurance Co. at 21.9%; Old Republic National Title Insurance Co. at 14.5%;  Fidelity National Title Insurance at 14.0%;  Chicago Title Insurance Co. at 13.5%; and Stewart Title Guaranty Co. at 9.3%.

Chicago Title is part of Fidelity. With 27.5% of the market, it was again the largest firm by share of premiums written during the third quarter of 2024.

In Q2 2024, First American’s market share was 21.5%, while Old Republic’s was 14.4%, Fidelity’s was 28.8% and Stewart’s was 8.7%. Stewart has been looking to reclaim some of the share it lost in recent years — the firm’s market share was 10.6% as recently as 2019.

The other top 10 companies for Q3 2024 were Westcor Land Title Insurance Co. with 3.9% of the market, Commonwealth Land Title Insurance Co. (3.3%), Title Resources Guaranty Co. (3.0%), WFG National Title Insurance Co. (2.6%) and Doma Title (1.7%). The same five firms rounded out the top 10 in Q2 2024.

Although the Big Four still command the overwhelming majority of the market with a combined market share of 73.2%, their collective grip is not what it once was. In 2019, independent title underwriters such as Westcor, WFG and others had a combined market share just shy of 15%, which increased to 26.8% in Q3 2024.