Warren Buffett: Autonomous driving cars ‘will be bad’ for insurance industry

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Berkshire Hathaway Chairman and CEO Warren Buffett said Monday the trend towards autonomous driving cars will hurt the auto insurance industry.

“Net it will be bad for the auto insurance industry over time if autonomous cars become a big part of the fleet,” Buffett said on CNBC’s “Squawk Box.” “It’s very hard to tell who the winner will be” in autonomous driving.

Buffett appeared from Omaha, where his Berkshire Hathaway conglomerate held a weekend of events around Saturday’s annual shareholder meeting.

The billoinaire investor noted he doesn’t know the timing of when autonomous driving technology will become pervasive.

Buffett and his longtime investing partner and vice chairman, Charlie Munger, spoke to the tens of thousands attendees on a wide range of topics from their massive stake in Apple to missing out Google and Amazon to bashing bitcoin as “rat poison.”

With Berkshire’s 2018 annual meeting in the books, users can revisit the highlights in CNBC’s Warren Buffett Archive, which houses searchable video from 25 full annual meetings, going back to 1994, synchronized to 2600 pages of transcripts. The Warren Buffett Archive also includes 500 shorter-form videos arranged by topic, CNBC interviews, a Buffett Timeline, and a Berkshire Portfolio Tracker.

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