Auto insurers have struggled to keep pace with elevated used-car prices, worsening frequency and severity of accidents, and higher costs tied to medical claims and litigation related to accidents. The broader insurance industry has also had to grapple with the aftermath of Hurricane Ian. (Credit: Bigstock)
(Bloomberg) — Warren Buffett, who has long reiterated his love for insurance companies, took a painful hit on Berkshire Hathaway Inc.'s underwriting businesses as inflation continues to weigh on the company's operating units.
The conglomerate reported a $962 million loss on insurance underwriting in the third quarter, the worst quarterly loss in a year. Auto insurer Geico took the biggest hit among its insurance businesses, with a pretax loss of $759 million. The unit hasn't turned a quarterly profit since the second quarter last year.
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