“ This created the sort of reinsurance/cat pricing environment that woke Ajit & Warren up from a dozen year nap”

Well put. I was thinking exactly this when listening to Warren on Saturday. Charlie was always more cautious in expressing support for this and Warren has mentioned in the past that he was yet to see any impact on cat events. This year he was happy to talk about the impact on business. A few snippets:

“ And we’ve seen actions in a few states where some of the costs associated with climate change, they’re not being regarded as cost of the utility”

“ But in utilities, the trade has been, the compact has been that you get a modest return and climate change comes along and it causes way more fires.”

And Ajit:

“ 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.”

Insurance is of course the business that has given us the Berkshire of today. Over 15 years as shareholder I have continuously underestimated the value of this part of the business. May it continue to prosper.