Tesla sees $16 million in underwriting losses

Tesla has reported the financial results for its carrier subsidiaries.

Tesla Property & Casualty, which writes in Colorado, Maryland, Minnesota, Texas, and Utah, reported $48 million in written premiums for the first nine months of the year.

Texas accounts for 60% of premiums, growing from $4.3 million in premiums in March 31, 2023, to $29 million in premiums by the end of Q3.

The carrier reported a net underwriting loss of $13 million as of September 30, 2023.

Based on our analysis, combined ratio stood at 146% for the first nine months of the year.

Tesla General Insurance, which writes in Nevada, Oregon, and Virginia, reported $18 million in written premiums for the first nine months of 2023.

The carrier reported a net underwriting loss of $3 million as of September 30, 2023.

Based on our analysis, Tesla General Insurance had a combined ratio of 121%.