Why Warren Buffett May Be Wrong on AI and Insurance

The Oracle of Omaha this month warned that artificial intelligence poses a threat to Berkshire Hathaway’s auto insurance business. Speaking at the company’s annual meeting, Berkshire CEO Warren Buffett said the use of AI in self-driving cars will mean fewer drivers and fewer customers for the company’s Geico insurance products.

Turns out Buffett may have spoken too soon. According to a new report from Accenture, the overall auto insurance will actually grow in the future, creating $81 billion in new revenue between 2020 and 2025.