I used a great Web Site three times this past week to answer requests from an internal associate, a title agency and a shareholder/analyst regarding title claims, market share and revenue mix for a given state between direct operations and independent title agencies.
The American Land Title Association has an array of information and news, but perhaps one of the best kept secrets is the information summarized each quarter following the Statutory Filings by Title Insurance Underwriters with respective Departments of Title Insurance across the country. These data are summarized by Robert Scherer, President of The Rockridge Group, Ltd., an Illinois-based consulting group specializing in Title Insurance. To view this valuable work, once on the ALTA Web Site click Resources on the upper-most tab, then click Industry Research and finally click Industry Financial Data.
You now can view a vast amount of information on the title insurance industry dating from 1989 (although not every year has commensurate information as more summaries were added as time went forward). Since these data summaries are statutory filings, they will not necessarily correspond dollar for dollar to information for GAAP results since Statutory Filings are based on rules set forth by the NAIC (National Association of Insurance Commissioners) and respective departments of insurance variations. These filings do provide a more apples-apples comparison from company to company, and thus are the basis for market share comparisons.
If you are looking for quarterly or annual market share information, click one of the links for Family/Company Summary. Policies are issued by specific underwriters where Statutory Premiums are not commingled even though a company may own several underwriters.
Interested in how much premiums are issued by underwriters or independent title agencies in each state? If so, click links that report Market Share by Family State.
Want to know the amount of claims and related expenses paid both in total and by state? Or claims by policy year written? Then click the Section title Financial Statements which includes summaries and portions of the Form 9 filings. Claims (in total and by state) can be found (both for the industry aggregate and by Family/Company) in various sections including by policy year (Schedule P) and by State (Schedule T).
These data series answer many questions regarding the title industry, and you need to explore the informative ALTA site to really gain an informed insight into the title insurance industry.
And if you ask me a question that can be answered by the ALTA site, then be prepared for me to merely send you a link to this article.
Tell me what you think of the informative site.