Berkshire Hathaway Inc, the conglomerate run by billionaire Warren Buffett, on Friday said its third-quarter profit rose as strength in the railroad and utility businesses, as well as investment gains, offset weaker results in the insurance units.

The woman who created the catastrophe modeling industry estimates insured wind losses due to Superstorm Sandy will be $12 billion.

Insurance companies are smarting over the decision by six states and the District of Columbia to tell insurers they cannot impose hurricane deductibles for losses suffered from Superstorm Sandy.

Although the economy is improving, the real estate market is still glutted with vacant residential and commercial properties. These valuable, prime real estate assets need protection, creating revenue opportunities for carriers that possess the underwriting skill and loss control commitment to handle this challenging class.