Tesla reports Q2 results for its insurance carriers

Tesla has released the Q2 financial results for its insurance carriers.

Tesla General Insurance, which offers coverage in Nevada, Oregon, and Virginia, ended the period with $22.3 million in written premiums, an increase of 105% compared to the same period last year.

The carrier ended the period with a net underwriting loss of ~$4 million and a combined ratio of 121%.

Tesla Property & Casualty, which offers coverage in Colorado, Maryland, Minnesota, Texas, and Utah, ended the period with $74 million in written premiums, an increase of 197% compared to the same period last year.

The carrier ended the period with a net underwriting loss of ~$17.6 million and a combined ratio of 127%.

Tesla also offers coverage in California, Illinois, Ohio, and Arizona through a fronting arrangement with State National. For December 31, 2023, State National reported $387 million in written premiums produced by Tesla.