Tags: Buffett | Disasters

Buffett: Climate Change Not Causing More Disasters

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Monday, 03 Mar 2014 08:55 AM

 

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Warren Buffett says the rate of disasters that Berkshire Hathaway's insurance companies see hasn't changed because of extreme weather.

Buffett said on CNBC Monday that he hasn't made any change in the way he calculates the likelihood of a catastrophe because of climate change.

Berkshire Hathaway Inc. owns several insurance and reinsurance funds and often has to pay significant claims when natural disasters strike.

Buffett says insuring against hurricanes in the United States has been extremely profitable in the past five years because few storms have made landfall.

Berkshire's chairman and CEO recounted the performance of the Omaha, Neb., based conglomerate in his annual letter Saturday.

Strong insurance results helped Berkshire earn $19.48 billion last year on $182.15 billion revenue. That's up from earnings of $14.82 billion on $162.46 billion revenue in 2012.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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