NEW YORK, March 14 Berkshire Hathaway
chairman and chief executive Warren Buffett said on Friday that
his firm had eliminated most of its catastrophe insurance
business in the United States.
Citing a decrease in interest rates, Buffett told cable
television network CNBC: "We actually in the United States have
almost eliminated our catastrophe insurance business."
Buffett also said that concerns over weaker economic growth
in China and geopolitical tensions surrounding Russia and
Ukraine were not a reason to sell assets.
"They're not warranted in terms of the market," Buffett said
on the concerns. "I would bet a lot of money that income from a
diversified group of stocks will increase significantly over the
next 20 years, so the headlines will not make any difference in
that," he said.
Buffett also said that the economy was not "remotely close"
to another financial crisis similar to the 2008 credit crisis,
and that a 50 percent decline in global stock markets would
surprise him a lot.