Tesla General Insurance, operating in Nevada, Oregon, and Virginia, reported $35.7 million in written premiums for the quarter, marking a 94% increase compared to Q3 2023. However, the carrier recorded a year-to-date net underwriting loss of $5.6 million, with a combined ratio of 118%.
Tesla Property & Casualty, which provides coverage in Colorado, Maryland, Minnesota, Texas, and Utah, achieved $117 million in written premiums, up 144% year-over-year. Despite this growth, the carrier reported a year-to-date underwriting loss of approximately $22.5 million and a combined ratio of 121%.
In a notable expansion, Tesla Insurance Company began writing policies in California during Q3. Previously offering coverage in the state through a fronting arrangement with State National, Tesla Insurance Company independently reported $45 million in written premiums for the quarter but posted a $14 million underwriting loss. For the 2023 fiscal year-end, State National reported $387 million in written premiums generated by Tesla.
Across its carriers, Tesla recorded a combined net underwriting loss of $42 million for the first nine months of 2024. While losses persist, Tesla’s premium growth signals the company’s expanding footprint in the insurance market.
