Industry News

Real estate title insurance revenue inches up

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Revenue for the title insurance industry inched up 3 percent in the second quarter of 2005 compared to the same quarter last year, according to figures released by The American Land Title Association today. "Total revenue for the second quarter of 2005 was up 3 percent when compared to the record year of 2004," said ALTA director of research, Richard McCarthy. "Revenue figures for second quarter 2005 and 2004 were $8.2 billion and $7.9 billion respectively." The second quarter of 2005 fared somewhat better than the first quarter, in which revenue was relatively flat, increasing a mere 0.3 percent year-to-year. Losses and loss adjustment expenses for the second quarter of 2005 increased by 24.5 percent to $401 million as compared to 2004's figure of $322 million. "After the rise in business during 2002, 2003 and 2004, claims were expected to eventually catch up. The industry loss ratio rose from 4.05 percent to 4.89 percent," McCarthy said. According to McCarthy, the level of pre...