BRK-B · 10-Q · 2026Q3 · Full report

Insurance Unpaid Losses Liability

BERKSHIRE HATHAWAY INC · 2026-11-09 · Importance 56 · Surprise 24 · In source text

Berkshire recorded estimated unpaid losses and loss-adjustment expense liabilities of $152.3 billion at September 30, 2026 for property and casualty insurance and reinsurance contracts. Management states that actual ultimate claims will likely differ from recorded estimates because of uncertainty in the estimation process. Even a small percentage change in estimates of this size could materially affect periodic earnings, with revisions recorded in insurance losses and loss-adjustment expenses.

Key facts

• Berkshire Hathaway’s insurance float was approximately $178.5 billion at September 30, 2026, an increase of $2.1 billion from December 31, 2025. source
• Berkshire's September 30, 2026 balance sheet included estimated unpaid property and casualty insurance and reinsurance losses and loss adjustment expenses of $152.3 billion. source
• Berkshire Hathaway’s retroactive reinsurance unpaid losses and LAE were $28.1 billion at September 30, 2026, down $2.9 billion from December 31, 2025, primarily due to loss payments, including $1.12 billion associated with a third-quarter contract commutation. source
• Berkshire Hathaway’s deferred charge assets on retroactive reinsurance were $7.2 billion at September 30, 2026, compared with $8.1 billion at December 31, 2025. source
• Berkshire Hathaway’s annuity liabilities were $13.4 billion at September 30, 2026, including $4.0 billion of liabilities on contracts without life contingencies. source
• Berkshire states that actual ultimate claim amounts will likely differ from recorded unpaid-loss estimates, and a small percentage change in estimates of this magnitude can materially affect periodic earnings. source

Impact estimates