Warren Buffett said in his annual letter to shareholders the insurance business is "the engine that for 51 years has powered Berkshire’s growth." The business itself usually makes modest profits, but "the float" enables the company to make massive profits in investments. Thanks to the trio of hurricanes last fall, which caused $100 billion in damage by Buffett's estimates, Berkshire Hathaway's insurance business took a loss for the first time in 14 years. Warren Buffett's bread-and-butter insurance business took a loss for the first time in 14 years in 2017 thanks to the wave of hurricanes last fall. While he's famed for his investing prowess, the Berkshire Hathaway chief's property-and-casualty insurance business is "the engine that for 51 years has powered Berkshire’s growth," he said in his annual letter to shareholders.
Comment on Warren Buffett says Hurricanes Harvey, Irma, and Maria dealt his bread-and-butter businesses a loss for the first time in 14 yea
amorrell@businessinsider.com (Alex Morrell), Business Insider
Sat, 02/24/2018 - 7:53am
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