The title insurance industry is an important part of the global economy, with a market value estimated at $16.32 billion in 2020 and an annual growth rate of 1.5% from 2016-2021. The U.S., which accounts for around 80% of the total global title insurance market, generated $17.3 billion in operating revenue in 2019 alone and employed over 39,000 people that same year.
In addition to these impressive figures, there are other interesting statistics about this sector worth noting: The top five companies account for 91% of the total market share; residential segment accounted for 71.4%, while commercial segment accounted for 28%; license earnings made up 37%; number of title & escrow companies decreased by 11%; average premium between $1k-$4k; more than 2K insurers present; 59096 claims filed/closed yearly with estimated claim payout amounting to 820 million dollars annually; 3.6 % average annual growth rate between 2011-2018 ; 228 % increase on eClosings adoption 2018 ; 9 % increase on RON usage 2019 ; 28 % US Title Insurance Market Share within Property Insurance Industry (2019) , 427650 USD Average Claim Filed 2012 -2016 . These facts provide insight into how large and influential this industry has become over time as well as its potential future prospects going forward.
Title Insurance Industry Statistics Overview
The U.S. title insurance market is estimated to be around 80% of the global title insurance market.
This statistic is a testament to the sheer size and influence of the U.S. title insurance market. It highlights the fact that the U.S. is the dominant player in the global title insurance industry, and that any changes or developments in the U.S. market will have a significant impact on the global title insurance market. This is an important point to consider when discussing the title insurance industry and its statistics.
In 2019, the title insurance industry generated $17.3 billion in total operating revenue.
This statistic is a testament to the success of the title insurance industry in 2019, highlighting the immense financial gains made by the industry. It is a clear indication of the industry’s growth and profitability, and serves as a valuable insight into the industry’s performance.
The top five title insurance companies in the United States account for approximately 91% of the total market share.
This statistic is a telling indication of the title insurance industry’s concentration of power. It reveals that the majority of the market is dominated by a handful of companies, leaving little room for competition. This means that consumers have limited options when it comes to choosing a title insurance provider, and that the industry is largely controlled by a few major players. This is an important statistic to consider when discussing the title insurance industry, as it provides insight into the competitive landscape and the potential for new entrants.
In 2019, title license earnings accounted for approximately 37%.
The fact that title license earnings accounted for approximately 37% of the Title Insurance Industry in 2019 is a telling statistic. It speaks to the importance of title license earnings in the industry, and how much of an impact it has on the overall success of the industry. This statistic is a clear indication that title license earnings are a major factor in the success of the Title Insurance Industry.
The average title insurance premium in the United States is between $1,000 and $4,000.
This statistic is a key indicator of the cost of title insurance in the United States, providing a valuable insight into the industry. It is an important piece of information for anyone researching the title insurance industry, as it gives an indication of the average cost of title insurance and the range of prices that can be expected. This statistic is also useful for those looking to purchase title insurance, as it provides a benchmark for what they can expect to pay.
There are more than 2,000 title insurers in the United States.
This statistic is a testament to the sheer size of the title insurance industry in the United States. With more than 2,000 title insurers, it is clear that title insurance is a major player in the real estate market. This statistic serves as a reminder of the importance of title insurance and its role in protecting buyers and lenders from potential risks associated with real estate transactions.
Companies in the title insurance industry in the U.S. employed over 39,000 people in 2019.
This statistic is a testament to the importance of the title insurance industry in the U.S. economy. It shows that the industry is a major employer, providing jobs to thousands of people across the country. This is a significant contribution to the overall economic health of the nation, and it is a testament to the industry’s success.
In 2019, the title insurance industry in the US accounted for 59,096 claims filed and closed.
This statistic is a telling indication of the importance of the title insurance industry in the US. It shows that the industry is actively involved in the filing and closing of claims, which is a testament to its reliability and effectiveness. This statistic is a valuable insight into the industry’s performance and provides a useful benchmark for comparison with other industries.
The estimated yearly claim payout in the title insurance industry from 2017 to 2019 was $820 million.
This statistic is a testament to the importance of the title insurance industry. It shows that the industry is a major player in the insurance market, with an estimated yearly payout of $820 million. This figure is a clear indication of the industry’s financial strength and its ability to provide reliable coverage to its customers. It also highlights the industry’s commitment to protecting its customers from financial losses due to title-related issues.
The U.S. title insurance market is projected to grow at a CAGR (Compound Annual Growth Rate) of approximately 5.0% during the forecast period from 2018 to 2026.
This statistic is a key indicator of the potential for growth in the Title Insurance Industry. It shows that the industry is expected to experience a steady increase in demand over the next several years, which could lead to increased profits and opportunities for businesses in the sector. This is an important statistic to consider when discussing the Title Insurance Industry, as it provides insight into the potential for success in the industry.
In 2019, the U.S. title insurance market made up approximately 28% of the entire property insurance industry.
This statistic is a testament to the importance of the U.S. title insurance market in the property insurance industry. It shows that title insurance is a major player in the industry, and that it is a key factor in the overall success of the industry. This statistic is a valuable insight into the industry, and it can be used to inform decisions about investments, strategies, and other aspects of the industry.
The average title insurance claim filed in the U.S. between 2012 and 2016 was for $427,650.
This statistic is a telling indication of the importance of title insurance in the U.S. It shows that title insurance claims are being filed for large sums of money, which suggests that title insurance is a necessary part of protecting large investments. This statistic is a valuable insight into the Title Insurance Industry and provides a useful benchmark for understanding the scope of the industry.
Conclusion
The title insurance industry is a rapidly growing sector, with the global market estimated to reach $20.25 billion by 2027 and an annual growth rate of 1.5% from 2016-2021 in the United States alone. The U.S. title insurance market makes up approximately 80% of the total global market share and generated over $17 billion in operating revenue in 2019, with residential titles accounting for 71.4%. Title license earnings accounted for 37%, while claims filed and closed totaled 59,096 that same year – resulting in an average claim payout of around $820 million annually between 2017-2019 – making it one of the most profitable industries within property insurance as a whole at 28%. With five major companies dominating 91% of its total market share, technological advancements such as e-closings (up 228%) and remote online notarization (RON) increasing 9%, along with more than 2,000 other insurers across America offering premiums ranging from $1k-$4k on average; this industry shows no signs slowing down anytime soon.
References
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