Tesla’s licensed carriers report Q2 2026 results
Tesla’s three licensed carriers reported their Q2 2026 financial results.
Tesla Insurance Company, which offers coverage in California and Illinois, wrote $483.1 million in direct premiums in the first half of 2026, up 58% from $305.2 million a year earlier. The carrier posted a net underwriting loss of $32.5 million for the six months, a 71% improvement from the $110.3 million underwriting loss in the prior-year period. Loss and LAE ratio for the first six months was 94.5%, down from 133.6% in the prior-year period. Combined ratio for the first six months was 107.2%. The insurer disclosed unfavorable development of prior year estimates totaling $67.2 million. The company attributed $40.7 million of that to a Q1 switch to state-level reserve estimation.
Tesla Property & Casualty, which offers coverage in CO, MD, FL, MN, OH, TX, IN, TN, and UT, wrote $108.2 million in direct premiums in the first half of 2026, up 9% from $99 million a year earlier. The carrier posted a net underwriting gain of $59.8 million for the six months, swinging from a $2.2 million underwriting loss in the prior-year period. Loss and LAE ratio for the first six months was 30.6%, down from 88.4% in the prior-year period. Combined ratio for the first six months was 41.6%. The insurer disclosed favorable development of prior year estimates totaling $34.2 million. The company attributed a $37.2 million quarterly reduction in losses incurred to a Q2 switch to state-level reserve estimation.
Tesla General Insurance, which writes coverage in AZ, NV, OR, and VA, wrote $52.9 million in direct premiums in the first half of 2026, up 7% from $49.4 million a year earlier. The carrier posted a net underwriting gain of $25.3 million for the six months, swinging from a $0.9 million underwriting loss in the prior-year period. Loss and LAE ratio for the first six months was 39.5%, down from 90.7% in the prior-year period. Combined ratio for the first six months was 51.6%. The insurer disclosed favorable development of prior year estimates totaling $10.7 million. The company attributed a $17.3 million quarterly reduction in losses incurred to a Q2 switch to state-level reserve estimation.
After Q1 marked the group’s first profitable quarter with help from a favorable reserve reshuffle, Q2 delivered a ~$25 million combined underwriting gain despite $33 million of adverse development.
**The second-quarter statements at Tesla Property & Casualty and Tesla General date the methodology switch to Q2 2026, but their first-quarter statements – which disclosed the same $37.2 million and $17.3 million adjustments – placed it in Q1, as does Tesla Insurance Company in both filings. The Q1 results themselves, which included those favorable adjustments, support the earlier date.
