Warren Buffett worried a hurricane will cut cash below $10bn
Warren Buffett told US broadcaster CNBC he will write less catastrophe insurance this year to help keep his cash reserves above $10bn, fearing a hurricane could raid his reserves.
He said on CNBC’s Squawk Box: “Well, $10bn is an absolute minimum. So if I'm going to say $10bn is a minimum, I always have to have quite a bit more than that to be sure that I don't go below that. Because we could have a hurricane tomorrow or something of the sort in our insurance business or who knows? So I leave a cushion above that.
“What has changed is that we will do less catastrophe insurance business this year than we would have done in a year when we had way more cash. I say to myself if there's a 9.0 earthquake in Los Angeles or San Francisco or the Pacific Northwest or something, I want to be prepared to have a lot of money afterwards. And, you know, I have to err on the side of caution.
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