No. of Recommendations: 16
For the record Mr. Buffett actually said: "Climate change increases risks and in the end it makes our business bigger over time. But not if we mis-price them, we’ll go broke." ~Warren Buffett
Other interesting quotes from the annual meeting:
Jain: "Climate risk is certainly a factor that has come into focus in a very, very big way more recently. Now, the one thing that mitigates the problem for us,
especially in some of the reinsurance operations we are in, is our contractual liabilities are limited to a year in most cases. So as a result of which, at the end of a year, we get the opportunity to reprice, including the decision to get out of the business altogether if we don’t like the pricing. But the fact that we are making bets that tie us down to one year at a time certainly makes it possible for us to stay in the business longer term than we might have otherwise because of climate change."
Jain: "I think the insurance industry, in spite of climate change, in spite of increased risk of fires and flooding, it’s going to be an okay place to be in."
Jain: "The only thing I’d add is that climate change, much like inflation, if done right, can be a friend of the risk bearer." (If done right!)
Buffett: "All of climate change, it’s a terrible problem just in the fact that the United States particularly has been the one that’s caused the problem the most.
And then we’re asking poorer societies to say, well, you’ve got to change the way you live, because we live the way we did. But that really hasn’t been settled yet.
It’s a fascinating problem to me, but I don’t have anything to add to how you really slice through the world."
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