Warren Buffett is worried about potential for 'huge losses' in booming, but still tiny insurance market
Publishing timestamp: 2024-05-31 12:29:16
Summary
Warren Buffett and Berkshire Hathaway's top insurance executive Ajit Jain expressed caution about potential "huge losses" in cybersecurity insurance due to unknown risks and difficulties in assessing losses. Despite this, the cybersecurity insurance market is growing rapidly, with rates declining and more insurers entering the market. Insurers are making exclusions for catastrophic events like nation-state attacks, but there are still ambiguities and debates surrounding coverage. While some experts believe the business model is sound, others, like Buffett and Berkshire, remain cautious about the future of cybersecurity insurance.
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Keywords: business news, warren buffett, berkshire hathaway, cyber threat, computer crime, cyberattack, ajit jain, berkshire hathaway inc, cybersecurity, insurance industry, technology, suppress zephr, hacking,