The American Land Title Association (ALTA), the national trade association of the land title insurance industry, reported the insurance industry generated $6.5 billion in title insurance premiums during the second quarter of 2021, according to ALTA’s latest Market Share Analysis.
Net income increased 84.6% during the latest quarter, resulting in the highest second quarter ever. Other findings include:
- Total operating income was up 52.4%
- Operating expenses were up 50.8%
- Loss and loss adjustment expenses were up 41.7%
In addition to the active purchase and commercial markets, continued home appreciation helped drive the 56.3% premium volume increase compared to the second quarter of 2020.
The industry paid $221.1 million in claims through the first six months of the year. This is down from $232.9 million in claims paid during the same period 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.”
The American Land Title Association, founded in 1907, is the national trade association representing the land title insurance industry, which employs more than 120,000 people working in every county in the United States.