The latest Market Share Analysis from American Land Title Association (ALTA) reveals that the insurance industry generated $6.5 billion in title insurance premiums during the second quarter of 2021.
The surge in home appreciation in active purchase and commercial markets helped drive a 56.3% increase in premium volume compared to the second quarter. Total operating income increased 52.4%, while operating expenses increased 50.8% and loss and loss adjustment expenses were up 41.7%. Also, net incomes increased 84.6% in the latest quarter, surpassing previous records as the highest second quarter ever. Through the first six months of the year, the industry paid $221.1 million in claims, down from the $232.9 million paid in claims a year ago.
“The continued strength in the purchase market and strong rebound in the commercial market continue to drive the historic volume in title insurance premiums,” said ALTA CEO Diane Tomb. “Despite the recent surge of COVID-19 cases, the housing market remains robust as ALTA members across the country continue to serve the needs of their customers, protect property rights and strengthen communities.”
According to the index, the top states in terms of market share are: Texas, $861,348,871 (53.3%), California, $755,634,478 (57.6%), Florida, $716,995,561 (66.9%). New York, $328,137,447 (66.5%), Pennsylvania, $294,361,193 (77.1%).