Tesla releases financials for carrier subsidiaries

Tesla has released the 2024 results for its three licensed carriers offering coverage for Tesla vehicles in various states.

Tesla Property & Casualty, which writes in CO, MD, MN, TX, and UT, nearly doubled premiums compared to last year while improving underwriting performance.

Tesla General Insurance, which offers coverage in NV, OR, and VA, increased premiums by 78% YoY while also improving underwriting performance.

Tesla Insurance Company began underwriting in California in Q3 of last year, generating $106 million in written premiums and ~$45 million in earned premiums. The carrier posted a net underwriting loss of $33 million. We previously reported that Tesla is encouraging State National policyholders to move to its newly launched program in California.

The Tesla insurance program through State National generated $654 million in premiums, an increase of 69%. The program was launched in CA, IL, AZ, and OH.

Tesla also launched a program in Texas through Redpoint County Mutual, which generated $21 million in premiums in 2023.

Assuming the Redpoint program is still active, there’s a good chance the Tesla insurance program will cross the $1 billion premium mark.