The U.S. title insurance industry saw its volume of net premium written decline by 16.1% in 2022, to approximately $20.9 billion, following a decade of growth during which this level had more than doubled, according to a new AM Best report.
The AM Best report on the segment notes that the premium volume for this segment continued to drop in 2023, owing to higher mortgage interest rates and low housing inventory.
“During the first half of 2023, the title industry continued to experience a slowdown in title orders, as headwinds signaled last year,” said Kourtnie Beckwith, senior financial analyst, AM Best. “The reduction in transactions was expected as interest rates began increasing in March 2022 to levels not seen in decades.”
