ALTA: Title Industry Revenues Surge

The American Land Title Association has reported that gross revenues for the title industry totaled $7.49 billion for the first six months of this year, up 36.5% from the same period in 2002, which was a record year for the industry.The loss ratio (losses and loss-adjustment expenses as a percentage of total operating income) fell to 3.64% from 4.24% for the first half of 2002. The level of pretax profit for the period surged to $454 million, compared with $156.1 million last year, which ALTA said reflects the strength of the market and the fact that costs have increased less than revenues. On an after-tax basis, including investment income, title insurers earned $436.2 million, compared with $227.7 million a year earlier. ALTA can be found on the Web at http://www.alta.org.