does anyone know how many super cat insurance
policies GEICO has outstanding. these are policies GIECO
write to otehr insurance companies, insuring the
insurance company against large claims caused by widespread
with all the fires in florida, heat waves
in other states looking to blossom into lareg scale
fires like in florida, expectations of a very sever
hurrican season, GIECO could be exposed to very big claims
Buffet, writes about super cat
policies in his anal reporst, saying that they are a good
source of premiums. he warns tha twhile they do not have
claims to pay on them fvery often, when they do the
claims are very very big.
Talking about big claims... does anybody know
what WEB has done to protect his Supercat business
when companies shut down because of the Year 2000
problem and they start suing everybody else for their
If Y2K turns out to be a
problem, it will surely be a bigger problem for the
The Florida fire reports that I see are in the
$300 million range. Somebody's going to have to pay.
And the action is just beginning with Miami calling
for a long hurricane season. Where does Gieco figure
in all this?? Anybody out there with insurance
experiance that can shed light??
Let me tell you how I spent my holiday weekend -
not like BrkRules in the Keys, but part of a 45,000
evacuation from Palm Coast (Flagler county), Florida. We had
several homes destroyed (could have been a lot worse),
but the main damage here and in the fires up and down
the coast is the destruction of timber. Unlike
Hurricane Andrew which came onshore and took out hundreds
of homes, damage to homes represents a small amount
of the total damage.
I believe (and just
doubled checked) that BRK's cat insurance is for
hurricane damage. I don't think that the 400,000 or so
acres would be insured as it is mainly logging. The
expenses have been in fighting the fires - and believe me,
those dudes a doing a SUPERB job. The outpouring of
help from across the country is unbelievable - last
week I saw trucks from Wyoming, a dozen or so from N
Carolina, several from S Florida... The problem in this
area was that the fires literally erupted and there
was NO ONE TO FIGHT THEM. The federal govt didn't get
off their duff until Saturday to send in the BIG
equipment and the personnel. Thats why we all had to leave
(IMO) - they are here now and I see the big helicopters
dumping water. The fire got as close as 2 miles from my
house; however, it is only 35% contained and is nowhere
near being under control. Thursday night the sky
looked like a night launch at the Cape - a red glow
filled the sky.
Anyway, our house is fine - we
evacuated by water and spent the weekend on the boat.
Started reading Graham's Intelligent Investor, but
couldn't focus my mind on much of anything.
here we moved up from S Florida to get away from the
Does everyone have a DISASTER PLAN?? You never know
when you'll need it.......
Anyway, I don't
think BRK is going to be paying out any big
Thanks for listening,
GEICO does not underwrite reinsurance
It is a car insurance outfit.
It does have
some exposure to catastrophes through its car
insurance policies -- if their insureds have comprehensive
coverage and their cars are destroyed by hurricanes it
reimburses the losses.
I would think though that
their exposure is small.
underwrites supercat contracts for other insurance companies
through its another subsidiary, National
Warren Buffett said recently that his worst case
estimate for a loss on an event was around 600 million
dollars. Look at his letter to shareholders. Something
could have changed since his letter, but I would not
expect him to do something too imprudent.
HEEEYYYY Benkea!!...... we can't violate those
folks "civil rights" by requiring them to take tests
down at DMV in English now can we?? I mean just what
kind of a " racist" country would we be if we required
people to try and assimilate?? Welcome to the browning
of America........the beat goes on.
As a "brown" BRK holder, I heartily agree that
you ought to move to Europe.
In fact, why not
move right NOW? I suspect that the good old USA might
even be a better place for it.
Let's keep the
discussion to Berkshire Hathaway, ok? In whatever
intelligible language you choose.
Congratulations on your BRK holdings and a big
hearty congratulation on your being "brown". Are you
also a "victim of past discrimination", maybe you've
been "oppressed" Well my friend you have hit paydirt
bigtime. Forget WEB and investing....you're gonna look
back on BRK stock like chump change. Also forget those
old outdated Euro-centric notions of hard work,
merit, and competency. That stuffs all passe' now. The
real action for you is down in Washington. Here's
three surefire plums in the new racial spoils system:
1. You are automatically a "preferred bidder" when
the FCC auctions off licenses [can be worth up to
25%] 2.Your business is eligible to be DBE
[Disadvantaged business enterprise] They got $6.4 billion in
govt. contracts in 1996. 3.Your status as a "socially
and economically disadvantaged person" qualifys you
under the Small Business Administration set-asides
worth a cool $14.4 billion in 1996. OOOPS.....I almost
forgot a little extra sweetner.....the SBA's famous CASH
BONUS program to prime contractors who sub out to
minority owned firms......a form of bribery that uses
tax-payer money for the payoff!! Oh geez Elk I almost
forgot the most important question of all ....are you
also female? If so, your luck doubles. Well that's
enough sarcasm out of me......but I will say one thing
in closing ......I lived in Bibb County Ga. in the
late 40's and I saw black men in chains when I was a
child. I also saw a black man break his own leg with a
sledge hammer so he could get off the work gang. It made
his white straw boss so mad he let the man lay
squirming on the ground with the bone poking out before he
called for the truck to carry him off. The government
programs of the last 30 years were to make up for those
hard times. How they ever got so distorted is beyond
Also forget those old outdated Euro-centric
notions of hard work, merit, and competency. That stuffs
all passe' now.
What the fuck are you talking
about dude? How many "white boys" you see out in the
field picking your veggies? I'm 100% anglo but you have
to admit that WE are the lazy bums. Mexicans are
some of the hardest working people you will ever
You are confusing Africans with Mexicans
You are confusing hardworking & Lazy, with
peoples race.color or religion......
You guys are
way smarter than me......
I can't tell who is
a good or bad worker. Just by looking at that
person...I can't tell what religion or how intelligent they
are either by just looking at someone.
YOU DO THAT.??????????
May the WEB be with
You cant tell who is smart, who is dumb, and who
is lazy just by looking at them... so I think it is
unfair to judge people by their races.
the otherhand, I think it is entirely fair to
categorize a person by what the majority of them do... Take
the Japanese for example. 99.9% of them take of there
shoes when entering the home. So is it unfair to
categorize them on their shoes? Probably not.
about Mexican workers in California. I've seen honest
Mexican subcontractors and I've seen sneaky ones too. But
yes, the majority of them steal small tools out of my
garage, take home fruit off my trees, and even walk out
with an old pair of shoes! I think... here I am rich
and carefree. And them, poor enough to be stealing
food. What about hardworking. They are by far the
hardest working group I have seen. Can you blame me if I
put everything out of sight and lock everything down
when I hire subcontractors, especially
How about blacks? Are they dumb just because they are
black... I don't think so. What about crime? I've met a
black mane who was more honest than I am. So, should
you tag a black man as a criminal just because he is
black. No way. BUT what about the majority? I believe
the average life span of a newborn black American
male is 21. So should I get flogged for avoiding black
neighborhoods when driving my brand new Lexus?
the vast majority of us are NOT racist... just