Warren Buffett：Berkshire Hathaway 1985 Letter, Additional Excerpt 2

Catastrophes were not the culprit in this explosion of loss cost. True, there were an unusual number of hurricanes in 1985, but the aggregate damage caused by all catastrophes in 1984 and 1985 was about 2% of premium volume, a not unusual proportion. Nor was there any burst in the number of insured autos, houses, employers, or other kinds of "exposure units".

Source： https://www.berkshirehathaway.com/letters/1985.html
Locator：1985 Chairman's Letter, additional excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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