The title industry reported a drop of 1.5% in premiums written in 2011 over 2010, with the fourth quarter seeing a year-over-year decline of 6.5%, the American Land Title Association reported.
The title insurance industry generated $9.5 billion in premiums in 2011 with $2.6 billion coming in the fourth quarter.
ALTA said the states generating the most title insurance premiums during 2011 were California ($1.33 billion, down 5.3% compared to 2010), Texas ($1.15 billion, up 8.5%), New York ($719.5 million, up 8.3%), Florida ($718.6 million, up 1.8%) and Pennsylvania ($410 million, down 4.5%).
By company, for 2011 Fidelity National Financial saw its market share drop to 35% from 38%. On the other hand the smallest of the national title underwriters, Old Republic, increased its market share to 13% from 11%. First American slipped slightly, to 27% from 28%, while Stewart remained at 14%. The share held by independent regional underwriters went to 12% from 11%.
