Company: BRK-A
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000950170-25-025210
Chunk: 209

Company: BERKSHIRE HATHAWAY INC
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 209
---
     
    $
    1,465

Property/casualty 

A summary of property/casualty reinsurance underwriting results follows (dollars in millions). 

    2024

    2023

    2022

    Amount

    %

    Amount

    %

    Amount

    %

    Premiums written
    $
    21,899

    $
    22,360

    $
    16,962

    Premiums earned
    $
    22,239

    100.0

    $
    21,938

    100.0

    $
    16,040

    100.0

    Losses and loss adjustment expenses
     
    12,244

    55.1

    12,664

    57.7

    10,605

    66.1

    Underwriting expenses
     
    6,195

    27.8

    5,766

    26.3

    3,255

    20.3

    Total losses and expenses
     
    18,439

    82.9

    18,430

    84.0

    13,860

    86.4

    Pre-tax underwriting earnings
    $
    3,800

    $
    3,508

    $
    2,180

2024 versus 2023

Premiums written in 2024 declined $461 million (2.1%) versus 2023, attributable to lower overall property volumes, partly offset by generally higher rates, new business and increased participations in certain casualty lines. Premiums earned in 2024 increased 1.4% compared to 2023. 

K-37

Management’s Discussion and Analysis 

Insurance—Underwriting 

Berkshire Hathaway Reinsurance Group 

Losses and loss adjustment expenses decreased $420 million (3.3%) and the loss ratio decreased 2.6 percentage points in 2024 compared to 2023. Losses incurred from significant catastrophe events were approximately $800 million in 2024 and $900 million in 2023. Estimated ultimate liabilities for losses occurring in prior accident years were reduced $1.7 billion in 2024 and $1.4 billion in 2023, mostly attributable to lower-than-expected property losses. 

Underwriting expenses increased