Tesla Insurance ends 2023 with nearly $500M in written premiums
Tesla Insurance ended 2023 with $497 million in written premiums, a 115% YoY increase.
Tesla Insurance Services, which sells insurance in CA, OH, AZ, and IL through a fronting arrangement with State National, has produced $387 million in written premiums, a 78% YoY increase. With these latest premium figures, Tesla Insurance Services has become State National’s largest producer.
Tesla Insurance is also distributed through the company’s two licensed carriers – Tesla Property & Casualty and Tesla General Insurance. Below is the premium breakdown by state for 2022 and 2023. It’s worth noting that Tesla Insurance wasn’t as widely available in 2022 as it was in 2023.
| 2022 Written Premiums | 2023 Written Premiums | |
| Colorado | $3,329,566 | $11,655,952 |
| Maryland | $1,783,919 | $11,660,828 |
| Minnesota | $158,244 | $2,175,711 |
| Nevada | $2,001,084 | $9,820,129 |
| Oregon | $1,361,051 | $5,295,145 |
| Texas | 0 | $52,954,588 |
| Utah | $681,764 | $3,256,927 |
| Virginia | $3,343,464 | $13,057,892 |
| Total | $12,659,082 | $109,877,172 |
In terms of underwriting performance, Tesla Property & Casualty and Tesla General Insurance reported a combined underwriting loss of $30 million in 2023. Tesla General Insurance, which offers coverage in NV, OR and VA, had a combined ratio of 145% in 2023. Tesla Property & Casualty, which offers coverage in CO, MD, MN, TX, and UT, had a combined ratio of 139.4% in 2023.
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