Buffett said there’s not enough evidence climate change is affecting weather to make him alter Berkshire Hathaway’s insurance underwriting.
“Buffett delivered a similar assessment in last year’s annual letter to shareholders. In that letter, he said climate change had not up until then “produced more frequent nor more costly hurricanes nor other weather-related events covered by insurance.”
That caused rates for super-catastrophe insurance to fall, leading Berkshire to back away from the products, according to Buffett. Costlier and more frequent “super-cats” would actually likely benefit Berkshire’s insurance business, he wrote.”