Title Insurance Premiums Rise by 11.5% in 2013: ALTA
The title insurance industry generated $12.7 billion in written premiums during 2013, up 11.5% from the prior year.
Overall, 47 states and Washington, D.C., reported an increase in the number of title insurance premiums written last year from 2012, according to data from the American Land Title Association.
Some of the states that generated the most title insurance premiums last year included Texas and California, with $2 billion each; Florida, where title firms underwrote $1 billion; New York with $991 million; and Pennsylvania, which had $567 million.
Meanwhile, the largest percentage increases on a yearly basis occurred in North Dakota (up 31%), West Virginia (28%) and Florida (25%).
Fidelity had the biggest market share of title insurance premiums written in 2013 with 33%. First American, Old Republic, independent underwriters as a group and Stewart rounded out the total market share with 27%, 15%, 13% and 12%, respectively.