While describing cyber insurance as a “fashionable” and profitable business, Berkshire Hathaway’s head of insurance operations said aggregation and loss costs have kept the company away from the risk for the most part.
Yes, profitability has been “fairly high” for cyber insurers, but Berkshire Hathaway has been “very, very careful when it comes to taking on cyber insurance liabilities,” because “there’s not enough data to be able to hang your hat on and say what your true loss cost is,” said Ajit Jain at the conglomerate’s annual shareholder meeting over the weekend in Omaha, Nebraska.