The Latest on Berkshire Hathaway’s annual shareholders meeting, where tens of thousands of people have listened to CEO Warren Buffett and Vice Chairman Charlie Munger talk business for several hours (all times local):
Berkshire Hathaway shareholders have overwhelmingly rejected a resolution calling for the company to write a report about the risks climate change creates for its insurance companies.
CEO Warren Buffett says he agrees that dealing with climate change is important for society, but he doesn’t think climate change creates serious risks for Berkshire’s insurance businesses.
Buffett says the fact that Berkshire generally writes insurance policies for one-year periods allows it to regularly re-evaluate risks, such as climate change.
The activists who proposed the motion tried to urge Buffett to take a public stance in favor of measures to reduce consumption of fossil fuels, but he resisted.
Warren Buffett says he doesn’t think a nationwide bubble in real-estate prices has developed, but that real estate isn’t as attractive of an investment as it was a few years ago.
Buffett told shareholders at the Berkshire Hathaway annual meeting that he thinks many real estate markets, such as his hometown of Omaha, Nebraska, continue to offer sensible prices.
Insurance is pricey enough without adding fake coverage which will do nothing but bump up the price. Insurance companies already figure in variables and reading their coverage has exclusions which makes it a wonder if anyone collects off a policy as it is. I recall places that were told that when a natural calamity occurred they were not covered. If you do dare to use the policy they cancel you or up the rates and the deductible.