US business guru Warren Buffett, whose Berkshire Hathaway investment company owns two major reinsurers, says he still has plenty of appetite for catastrophe reinsurance, including hurricanes. In fact, he’s willing to lose up to $US6 billion ($7.81 billion) on a single hurricane.

Speaking at a press conference after Berkshire Hathaway’s annual meeting at the weekend, he said: “We will do more than anyone else if the price is right. We are certainly willing to lose $6 billion on a single event – but I hope we don’t.”

He also told shareholders Berkshire is now the largest writer of catastrophe insurance in the world. His General Re and National Indemnity divisions paid out $US3.4 billion ($4.43 billion) in hurricane claims last year.

Mr Buffett is bullish about the industry, saying Berkshire Hathaway could “comfortably pay” losses stemming from a catastrophe four times the size of Hurricane Katrina.

But he says much of the insurance industry would be badly hurt by such an event, which could cause up to $US240 billion ($312 billion) in insured damage.

Berkshire Hathaway’s revenue rose 29% over the past year to $US22.76 billion ($29.62 billion). The insurance division was the biggest contributor to results, with revenue rising 12% to $US18.99 billion ($24.71 billion). Auto insurer Geico Corporation posted a 10% increase in earned premiums, while General Re Corporation posted a 14% decline.