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Best's Market Segment Report: Robust Housing Market Drives Historic Title Insurance Performance.

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ENPNewswire-October 7, 2021--Best's Market Segment Report: Robust Housing Market Drives Historic Title Insurance Performance

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Release date- 06102021 - The U.S. title insurance industry saw direct premium growth of 16% in 2020-the largest year-over-year increase since 2012-reflecting positive momentum in the housing market and economy in the second half of the year, according to a new AM Best report.

The Best's Market Segment Report, titled, 'Robust Housing Market Drives Historic Title Performance,' notes that the growth in direct premiums written more than doubled the 6.6% growth seen in 2019. This highlights the title industry's surging performance as it entered 2021 and reflects how economic and market conditions have helped title insurers thrive despite the upheaval caused by the pandemic. At the same time, net underwriting income for the segment has improved in each of the last four years, including a substantial 39.6% year-over-year increase in 2020 to $1.7 billion, owing to the premium growth. Additionally, the segment's combined ratio of 90.6 in 2020 represented the ninth consecutive year the ratio has been below 100, in addition to being the lowest calendar year combined ratio during that time. Overall, the title segment's net income rose by 18% in 2020 to $1.5 billion. According to the report, title insurance was the most profitable segment of the overall property/casualty insurance market in 2020.

The housing market has been remarkably resilient despite the ongoing COVID-19 challenges. After experiencing a brief downturn in the second quarter...

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