Title insurers' rising premiums ends two-year slide

The title insurance industry began its recovery last year from its massive skid at the end of the refinance boom. 

Companies generated $16.2 billion in title insurance premiums in 2024, a 7% annual increase, the American Land Title Association reported Thursday. The positive momentum follows year-over-year premiums written declining 31% in 2023 and 16% in 2022. The industry underwrote $26.2 billion in title insurance in 2021.

The business is highly correlated to mortgage origination volume, which grew to approximately $1.7 trillion last year after bottoming out in 2023, according to the Mortgage Bankers Association. 

Title insurers also paid over $676 million in claims last year, a 6% climb from 2023 and the highest mark in recent years.

"Despite ongoing challenges from limited housing inventory and elevated mortgage rates, title professionals remain steadfast in their role — protecting property rights and serving their communities," said ALTA CEO Diane Tomb in a press release. 

Why were title insurers doing better in 2024?

Most of the sector's top companies recorded greater profits in 2024, with firms enjoying increased volume from a mortgage rate respite last summer. Industry giants were also profitable to begin 2025, although executives warned of looming tariff-driven uncertainty.

The country's most populous states, the priciest places to purchase a home, made up the remaining top 5 largest states by title insurance volume: Florida, California, New York and Pennsylvania. Including Texas, the top 5 states by title insurance volume accounted for 45% of all activity, according to ALTA's figures. 

First American was the largest player in the industry with a 22.2% market share. Like other firms among the top 10 underwriters, its market share was largely unchanged from 2023. Old Republic fell to the third spot on the ranking, with a market share of 14.3%, down from 15.2% last year.

The industry faces some threats, chiefly Fannie Mae's title insurance waiver pilot program. The pilot has received backlash from numerous angles, although new Fannie Mae chairman and Federal Housing Finance Agency Director Bill Pulte has yet to discuss its future. 

A Texas regulator in February also ordered a 10% decrease in title insurance premiums in the state effective this July. Nationwide, title insurers wrote the most premiums in the Lone Star State, with $2.37 billion or 4.7% of total volume.