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Title Insurers See Higher Claims.(Brief Article)
The American Land Title Association announced gross revenue for the title industry for the first six months of this year was $7.49 billion.
That is 36.5% ahead of the same timeframe in 2002, which was a record year for the industry despite rising claims.
Rich McCarthy, ALTA's director of research, said, "The effect of near-record-low mortgage rates continues to be felt in the real estate industry ew sales, existing sales and refinancings are all at, or near, record levels."
The loss ratio (losses and loss adjustment expenses as a percentage of total operating income) fell to 3.64% from 4.24% for the first half of 2002.
The level of pretax profit for the period was $454 million, compared with $156.1 million last year, which ALTA said reflects the strength of the market, coupled with costs increasing less than revenue.
On an after-tax basis, including investment ...
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