After the market closed on August 7, Berkshire Hathaway reported a 37% decline in net earnings for the second quarter of 2015. Operating earnings, which exclude investment results, declined by 10% because of higher claims costs from its insurance businesses, including Geico.
I was quoted in a Bloomberg article on this topic:
“The property-and-casualty insurance industry certainly occasionally takes large hits,” said David Kass, a professor at the University of Maryland’s Robert H. Smith School of Business. “What matters is how you do over time.”