Berkshire Hathaway’s insurance business made an operating loss of $US2.2 billion ($2.8 billion) last year – its first loss after 14 years of profit.

The result compares with a $US1.37 billion ($1.8 billion) operating profit in 2016.

The fourth quarter produced a $US491 million ($632 million) operating loss, against a $US548 million ($706 million) operating profit in the corresponding period of 2016.

Berkshire incurred pre-tax losses of about $US3 billion ($3.86 billion) from the California wildfires and hurricanes Harvey, Irma and Maria.

Until last year’s loss, the group earned $US28.3 billion ($36.5 billion) in pre-tax underwriting profit over 14 years.

“I have warned you… we have been fortunate in recent years and the catastrophe-light period the industry was experiencing was not a new norm,” Chairman Warren Buffett said.

“Last September drove home that point, as three significant hurricanes hit Texas, Florida and Puerto Rico. My warning became fact [last year].”

Berkshire’s motor insurer Geico fell to a $US310 million ($399 million) pre-tax loss last year after a $US462 million ($595 million) underwriting profit in 2016.

Berkshire Hathaway Reinsurance Group lost $US3.6 billion ($4.6 billion), compared with a $US1 billion ($1.3 billion) profit the previous year.

Insurance investment income increased to $US3.9 billion ($5 billion) from $US3.6 billion ($4.6 billion).