A recent report from Demotech showed that title insurance in the United States is recovering slowly, but at a steady rate, which could be good for the industry as a whole.
Unaffiliated underwriters gained more than $13 million year-to-date, while grouped companies had an operating loss of $16.6 million during the same time period, according to the report. When compared to the same time period from 2010, income is approximately 200 percent higher this year.
In addition, direct losses unpaid fell $45 million from the first quarter of 2011, and more than 6 percent when compared to 2010's figures, the report noted. The title insurance industry paid off nearly $276 million during the second quarter, and wrote more than $2 billion in premiums.
Known claim reserves made up 18.1 percent of total reserves, which is slightly higher than 2009's figure of 18 percent, the report said. This same category was around 14 percent before 2007.
Despite the gains, there is still not much room to have further hiccups in the title insurance industry, as surplus levels are not high, the report added.