In his reliably entertaining and lucid annual shareholder letter, Berkshire Hathaway Chairman Warren Buffett warns that the soft pricing environment for insurance is in many ways a self-inflicted wound.

With GEICO, BH Reinsurance and General Re accounting for a large portion of the Omaha, Neb.-based conglomerate’s revenues, Buffet’s affinity for insurance is well known. In the letter, Buffett praised the performance of his insurance business units but said the insurance industry needs to exercise greater restraint and not write business with insufficient premiums.

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