Title Insurance Premiums Drop 11% in Third Quarter: ALTA

Title insurance premium volume decreased in the third quarter compared to a year earlier due to a struggling purchase market and declining refinance activity.

The title insurance industry generated $3 billion in premiums during the third quarter, which is 11% less than the same quarter last year, according to data from the American Land Title Association.

Texas produced $451 million in title insurance premiums in the third quarter, a year-over-year drop of less than 6%, ALTA said. Other notable states that created the most title insurance premiums during the quarter were California ($373 million), Florida ($295 million), New York ($252 million) and Pennsylvania ($114 million).

Despite the amount of written title insurance premiums falling, the Washington-based trade association reported that the industry had its highest quarterly profit in eight years as $231.6 million was earned in the third quarter.

Additionally, the industry has admitted assets of $8.7 billion, including more than $7.8 billion in cash and invested assets, said ALTA's Chief Executive Michelle Korsmo.

"Title insurance companies continue to financially protect the interests of homebuyers through a process that provides Americans piece of mind in one of their most significant investments — their homes," Korsmo said.