Warren Buffett’s insurance industry forecast might surprise you

Berkshire Insurance Unit - Warren Buffett of Berkshire Hathaway

According to the head of Berkshire Hathaway, insurers should worry about self-driving cars, not climate change. At the Berkshire Hathaway shareholder meeting last weekend, Warren Buffett shared his insurance industry forecast and brought up a number of trends and innovations that have been the topic of conversation among experts in this arena. The main point that has drawn the spotlight is that Buffett doesn’t feel climate change will harm the industry. According to the insurance industry forecast he shared, climate change shouldn’t be causing any pain to his business. This…

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Growth is coming to the gulf insurance industry, but it won’t be easy

insurance industry data report survey

A new survey has shown that the region will see steady increases in product penetration but with challenges. Spending from Middle Eastern governments on non-oil projects and a strong increase in coverage products will provide considerable support for Gulf insurance industry growth across all six of the Gulf Cooperation Council countries, said a new survey. The non-life sector was predicted to see a stronger growth performance than life insurance. The reason is that there have been some new regulations in the Gulf insurance industry such as the mandatory purchase of…

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Insurance industry cautions that weather disasters on the rise

Canada flood insurance industry

Officials in Canada are cautioning consumers and insurers that storms are getting stronger. The Insurance Bureau of Canada (IBC) has released a statement that cautions the insurance industry that the severity, frequency, and therefore the cost of extreme weather in the country is on the increase. It also noted that Alberta has experienced the greatest increase in severe weather occurrences. According to Don Forgeron, from the IBC, “The insurance industry claim payouts are the canary in the coal mine.” The amount of damage caused by severe weather events, and the…

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