Rising Rates Dampen U.S. Title Insurance Industry in 2022 After Decade of Growth

U.S. title insurance industry saw 16.1% decline in net premium written in 2022 to $20.9 billion, after decade of growth
Premium volume continued to drop in 2023 due to higher mortgage rates and low housing inventory
Decrease driven by homeowners reluctant to sell/refinance due to high home values and doubled interest rates
Despite premium drop, underwriting income solid but margins more compressed due to market pressures
Top 4 underwriters produced over 85% of title segment premium in 2022, with industry capital strengthened in 2021