Record Premiums in 2021
Title insurance premiums for 2021 skyrocketed to $26.2 billion, representing a 35.9% increase over 2020 premiums. The $19.2 billion generated in 2020 was also one of the biggest years ever. The income for the industry also soared by 33.4% according to the American Land Title Association. According to the report they issued, the title insurance industry paid out in excess of $474.4 million in claims.
The total operating income for the title industry climbed by 33.4%, with operating expenses increasing by 32%. The loss and loss adjustment expenses were up only 2.3% in 2021. Good news for consumers, according to the report, was that title insurance cost had decreased by 7% since 2004. Most title professionals in 2021 were the busiest they have ever been, but the volume of activity also required the back offices for these agencies to work even harder making sure that accuracy, efficiency and expediency were always at the forefront of their minds. Old Republic National Title Insurance Company reported the second highest amount with respect to premiums, accounting for 14.8% of all title insurance policies based upon policy value.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.