Warren Buffett：Berkshire 2017 Letter, Excerpt 3

No company comes close to Berkshire in being financially prepared for a $400 billion mega-cat. Our share of such a loss might be $12 billion or so, an amount far below the annual earnings we expect from our non-insurance activities. Concurrently, much – indeed, perhaps most – of the p/c world would be out of business. Our unparalleled financial strength explains why other p/c insurers come to Berkshire – and only Berkshire – when they, themselves, need to purchase huge reinsurance coverages for large payments they may have to make in the far future.

Source： https://www.berkshirehathaway.com/letters/2017ltr.pdf
Locator：2017 Chairman's Letter, excerpt 3 · Verified：2026-10-19 · Verification：Short excerpt

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