An Express Article from the California Land Title Association
California led the nation in title insurance premiums in 2007 with 14.16% of the title insurance market, according to data from the American Land Title Association (ALTA). Florida and Texas were the only other states in the report to have double-digit market shares.
Californian direct-written premiums totaled $141.4 million for the year, with non-affiliated agency premiums totaling $440 million. The biggest source of title premiums, however, was affiliated agency premiums at $1.43 billion.
In a sign of the times, the cost of claims shot up last year according to the ALTA. Nationally, loss and loss adjustment expenses passed the one billion dollar mark for the first time; the bottom line in losses was $1.296 billion, as compared to $870 million in 2006.
These numbers should be a wake-up call for those critics of the title industry whom argue that title companies seldom have claims. And, when the 2008 numbers are finally tallied next year, there will be little reason to think that the losses should improve.