CEO of Berkshire Hathaway Pick Chubb Says Climate Change Causing 'Tremendous Volatility' for Insurance Costs, Reveals This 'Money-Making' Industry

Chubb CEO Evan Greenberg told CNBC that climate change has created "tremendous volatility" for the insurance industry and impacts insurance costs. General inflation and rising litigation costs are also factors driving higher insurance prices. Greenberg said litigation has become a "money-making industry" that is always finding new bases for liability claims. Chubb shares jumped in May when Warren Buffett announced it as Berkshire Hathaway's secret stock pick. Chubb provided former President Trump with an appeal bond of over $91 million but later backed out of talks to provide a $464 million bond.