The substantial gains in premiums by title insurance companies in Florida in the second quarter this year is one indication that the Florida real estate market is not only surviving but slowly getting back to its previously vibrant status.
Based on data compiled by the American Land Title Association (ALTA), the total premium collections by title insurance companies in Florida during the second quarter ranked third highest among states, behind only those of California and Texas. Florida’s premium collections also represented an increase of 9.5 percent from the same quarter in 2010.
Here are the ten states with the highest premium collections by title insurance firms in the second quarter, including the rates of year-over-year increase or decrease.
|1. California||$319.8 million||-8.8%|
|2. Texas||$286.2 million||7.5%|
|3. Florida||$185.8 million||9.5%|
|4. New York||$168.7 million||11.8%|
|5. Pennsylvania||$96.9 million||-0.2%|
|6. Arizona||$82.2 million||-11.1%|
|7. New Jersey||$80.2 million||6.4%|
|8. Ohio||$66.4 million||-10.8%|
|9. Virginia||$63.2 million||-7.4%|
|10. Michigan||$59.7 million||-9.9%|
As we can see in the above chart, Florida was among the five states that posted an increase in premium collection, ranking second in growth rate to New York. The premium collection chart-topper, California, posted nearly nine percent in premium drop.
Nationwide, the title insurance industry collected a total of $2.3 billion in the second quarter, lower by about $34 million than the total collection during the same quarter in 2010. Indeed, the recovering Florida real estate helped the state’s title industry bucked the national trend.
Comparing the performance of families of title insurance companies, the Fidelity family captured the bulk of the market in the second quarter, getting 36.4 percent of the total collection. The First American family captured 26.1 percent, the Stewart family got 13.9 percent, the Old Republic family captured 12.7 percent and regional companies collected 10.8 percent.
The top title insurance companies based on premium collections in the second quarter were the following: (Dollar values were rounded off.)
|1. First American Title Insurance Co.||$544.23 million||23.7%|
|2. Fidelity National Title Insurance Co.||$400.16 million||17.4%|
|3. Chicago Title Insurance Co.||$295.45 million||12.8%|
|4. Old Republic National Title Insurance Co.||$285.41 million||12.4%|
|5. Stewart Title Guaranty Co.||$277.55 million||12.1%|
|6. Commonwealth Land Title Insurance Co.||$129.62 million||5.6%|
|7. National Title Insurance of NY||$53.28 million||2.3%|
|8. Title Resources Guaranty Co.||$44.31 million||1.9%|
|9. Stewart Title Insurance Co. of NY||$37.64 million||1.6%|
|10. Westcor Land Title Insurance Co.||$35.42 million||1.5%|
|11. First Canadian Title Insurance Co.||$34.16 million||1.5%|
All in all, the title insurance companies were helped in part by the resilience of the Florida real estate market.