Buffett Says He's Open to Writing Pandemic Policies After First-Quarter Underwriting Profits
Warren Buffett-led Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) held its annual meeting on a virtual basis on Saturday, May 2 . The Oracle of Omaha expounded on numerous topics, with the effects of COVID-19 obviously dominating the topics discussed.
Luckily, the pandemic had minimal effects thus far on Berkshire's insurance results, as the company doesn't directly insure against pandemics -- at least not yet. Moreover, Buffett pointed out that some other insurers actually do specifically cover pandemics, and they could have significant payouts relative to their sizes.
Still, COVID-19 did affect Berkshire's insurance operations around the edges during the first quarter, and potentially a bit more significantly going forward in 2020. Uncertainties abound in the insurance business generally -- now more than ever. Still, Buffett left the door open to writing pandemic policies in the future.
Source Fool.com
