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Global Disasters Generate Insurance Underwriting Loss for Berkshire Hathaway
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Executive Producer
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He expects "this may be a year that the reinsurers will remember" but not because they want to.
Global catastrophes, including the earthquakes in Japan and New Zealand, along with floods in Australia, combined to generate estimated first quarter catastrophe losses of $1.67 billion, pretax.
BRK Estimated Losses from Q1 Catastrophes (In Millions) |
| Event | Est. Losses Incurred |
| Australian floods & Cyclone Yasi | $195 |
| New Zealand (Christchurch) earthquake | $412 |
| Japan earthquake | $1,066 |
| TOTAL | $1,673 |
Source: Berkshire Hathaway News Release |
Buffett says Berkshire estimates an underwriting loss of $821 million in the first quarter, compared to a gain of $226 million in last year's first quarter.
Overall, Berkshire is now estimating that first quarter operating profit will be $1.593 billion, down 28 percent from $2.222 billion in the year-ago quarter.
The company has issued a news release detailing the preliminary numbers Buffett is giving shareholders.
The full earnings report for the quarter is expected to be released next Friday, May 6.
Current Berkshire stock prices:
Class B: [BRK.B
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Class A: [BRK.A
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Data is a real-time snapshot *Data is delayed at least 15 minutes
