Tesla reports Q3 2024 results for insurance carriers

Tesla has released the Q3 2024 financial results for its insurance carriers.

Tesla General Insurance, which offers coverage in Nevada, Oregon, and Virginia, ended Q3 with $35.7 million in written premiums, an increase of 94% compared to the same period last year. Year-to-date, the carrier reported a net underwriting loss of $5.6 million and a combined ratio of 118%.

Tesla Property & Casualty, which offers coverage in Colorado, Maryland, Minnesota, Texas, and Utah, ended Q3 with $117 million in written premiums, an increase of 144% compared to the same period last year. Year-to-date, the carrier reported a net underwriting loss of ~$22.5 million and a combined ratio of 121%.

In Q3, Tesla’s third carrier, Tesla Insurance Company, began writing business in California. The carmaker first offered coverage in California and other states through a fronting arrangement with State National and for December 31, 2023, State National reported $387 million in written premiums produced by Tesla. During the quarter, Tesla Insurance Company reported $45 million in written premiums and a net underwriting loss of $14 million.

Overall, Tesla’s carriers reported a net underwriting loss of $42 million for the first nine months of 2024.