Title insurance premiums written declined by 31% last year
Underwriters did $15.1 billion in premiums in 2023, compared with approximately $21 billion the prior year. Claims paid increased to $638 million from $595 million in 2022.
During 2021,
Meanwhile, lenders originated $1.64 trillion during 2023, down from $2.25 trillion one year prior, according to estimates from the Mortgage Bankers Association.
"While the lack of supply and high mortgage rates continue to hinder home sales and refinances,
Title insurance volume is highly correlated to mortgage origination activity. Underwriters typically charge higher fees for residential purchase transactions compared with refinancings. Purchases made up 81% of last year's volume, the MBA data showed, up from 70% in 2022.
A Fitch Ratings report issued on March 5 found
First American Title Insurance again had the largest share among individual underwriters, at 22%, virtually flat with the 22.1% share one year ago.
Old Republic National Title had a slightly bigger annual drop off, to 15.2% from 15.8%, while No. 3 Fidelity National Title Insurance fell to 13.4% from 13.7%.
Another Fidelity National Financial subsidiary, Chicago Title was fourth at 13%, down from 13.3%.
Stewart Title Insurance gained market share, to 9.2% from 8.9%. The largest of the independent title companies, Westcor, also had its share drop to 3.8% from 4.4%.
Title Resources Guaranty, which added Homeservices of America as an investor last year, found its market share rose to 3.1% from 2.5%. In 2021, TRG ranked ninth of the top 10 with a 2.4% share.
Ironically, Doma,
