$3 billion bad weather blast batters Berkshire

$3 billion bad weather blast batters Berkshire | Insurance Business America

$3 billion bad weather blast batters Berkshire
Hurricanes and an earthquake have all weighed heavily on Berkshire Hathaway Inc’s results. The insurer has seen a 43% drop in Q3 profits following claims from clients hammered by harvey, Irma, maria and this year’s Mexican earthquake.
 
Operating earnings reported by the insurer for Q3 and first nine months of 2017 are net of pre-tax underwriting losses of approximately $3 billion ($1.95 billion after-tax).
 
The company reported net income of $4.07 billion, down from $7.2 billion a year before.
 
Additional headwinds in the form of foreign exchange losses have jumped over 100 fold since last year’s $2 million in Q3 to $252 million after taxes.