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Berkshire's Buffett says firm has cut U.S. catastrophe insurance [March 15, 2014] NEW YORK (Reuters) — Berkshire Hathaway <BRKa.N> chairman and chief executive Warren Buffett said on Friday that his firm had eliminated most of its catastrophe insurance business in the United States. |
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Citing a decrease in interest rates, Buffett
told cable television network CNBC: "We actually in the United
States have almost eliminated our catastrophe insurance
business." Buffett also said that concerns over weaker economic growth in
China and geopolitical tensions surrounding Russia and Ukraine
were not a reason to sell assets. "They're not warranted in terms of the market," Buffett said on
the concerns. "I would bet a lot of money that income from a
diversified group of stocks will increase significantly over the
next 20 years, so the headlines will not make any difference in
that," he said. Buffett also said that the economy was not "remotely close" to
another financial crisis similar to the 2008 credit crisis, and
that a 50 percent decline in global stock markets would surprise
him a lot. (Reporting by Sam Forgione; editing by Stephen Powell) [© 2014 Thomson Reuters. All rights reserved.] Copyright 2014 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
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