The title insurance industry posted a cumulative $710 million operating loss in 2008 — about eight times bigger than 2007 — but this year’s refinancing boom is expected to provide some welcome relief, an industry association reports.

Because title insurers are also paying significantly less taxes, net losses for 2008 are expected to be a less severe $434.2 million, the American Land Title Association (ALTA) said. But that’s still a big turnaround from the $315.1 million in profits the industry registered in 2007.

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