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Best’s Market Segment Report: US Title Insurers Cautiously Optimistic Despite Current Headwinds

By: via Business Wire

Following significant double-digit, year-over-year declines in 2022 and 2023, U.S. title insurance premium bounced back with a 7.2% increase in 2024 on the back of Federal Reserve rate cuts.

The Best’s Market Segment Report, “US Title Insurers Cautiously Optimistic Despite Current Headwinds,” states that the premium increase likely reflected a slight bump in real estate transactions following the Fed’s decision to decrease the federal funds rate by a quarter of a point in September 2024, followed by similar cuts in November and December. Title insurers also are processing more commercial title policy transactions, which also contribute to increased premiums due to the higher loan amounts attributed to commercial properties. Through the first nine months of 2025, mortgage rates have averaged 6.6% and are likely to remain above 6%, even with the Federal Reserve’s interest rate reduction of 25 basis points in September 2025. Further rate cuts could provide relief for potential homebuyers and boost the title insurance market.

As home sales weakened and mortgage loan financing moderated over the past three years, AM Best’s composite of title insurers have experienced a declining net profit margin. The composite still generated an underwriting gain during this time, but after producing an underwriting profit of more than $1 billion for five consecutive years from 2018 to 2022, the underwriting gain fell below $700 million in 2023 and 2024.

“The increase in net premiums written in 2024 should lead to higher earned premiums in 2025, which could well grow full-year 2025 underwriting and pretax operating income, prior to any impact from realized gains of losses,” said David Blades, associate director, Industry Research and Analytics, AM Best. “So far through the second quarter of 2025, we’ve seen net underwriting income and pretax operating income increase considerably, by 40% and 27%, respectively.”

AM Best’s title insurance composite posted a combined ratio of 97.3 in 2024, which was essentially flat from 2023, but considerable higher than the preceding three years. The key driver has been the composite’s higher underwriting expense ratio, which was 92.7 in 2024, approximately three percentage points higher than its 10-year average.

“Title insurance is a cost-intensive insurance product with heavy up-front costs borne by title insurers,” said Kourtnie Beckwith, senior financial analyst, AM Best. “Examples of these costs include the title search and examination and the search of numerous public documents in different jurisdictions requiring such searches, as well as expense-laden loss-prevention measures. Title insurers also incur substantial personnel expenses.”

Although AM Best maintains a negative outlook on the title segment, it notes that during the first six months of 2025, industry data has been consistent with stable premiums, profitability and surplus growth. Refinancing activity, which fell sharply in 2022-2023, has rebounded since mid-2025. However, a lack of housing affordability and low supply still defines the U.S. housing market, and U.S. economic activity has shown potential underlying vulnerabilities in 2025, with reduced consumer spending and a slowing labor market. A long-term government shutdown would have negative implications for the title industry as well. The further lowering of rates should be a net-positive for title insurers, but if interest rates remain relatively unchanged, title insurers are likely to be under similar pressure in 2026.

“The impact from tariffs, unemployment and inflation data will likely remain the key determinants in the Fed’s future decision-making,” said Ann Modica, director, Credit Rating Criteria, Research and Analytics, AM Best.

To access the full copy of this market segment report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=358526.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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