Berkshire lost $2 billion to $2.5 billion in the September 11th event without having been paid properly for the risk assumed.

True: Berkshire's 2001 annual report or 10-K shows September 11 losses of $2.0–2.5 billion (any reasonable pre-tax underwriting-loss measure), and the company states, or the evidence shows, that it had not been adequately paid (had underpriced) for the risks that produced the loss. Mostly true: the loss is within about 10% of the stated range and the underpricing point holds. Mixed: only one of the two holds. Mostly false: the loss is well outside the range, though related underpricing occurred. False: the loss figure is clearly different, and the evidence shows the risk was adequately priced.

Set before the research began.

1. E1 Terrorism Risk Insurance: A Primer The American Action Forum · 8 May 2014

   “We did not price for manmade mega-cats, and we were foolish in not doing so. In effect, we, and the rest of the industry, included coverage for terrorist acts in policies covering other risks-and received no additional premium for doing so. That was a huge mistake.”

2. E2 Terrorism Risk Insurance: A Primer The American Action Forum · 8 May 2014

   “As a result of not explicitly excluding or otherwise addressing acts of terrorism carried out by independent actors or cells, insurers were unexpectedly left on the hook for almost $40 billion.”

3. E3 Management's Discussion Berkshire Hathaway Inc. · 31 December 2000 Own record

   “In the aggregate, Berkshire�s reinsurance businesses recorded pre-tax underwriting losses of about $2.4 billion related to the terrorist attack.”

4. E4 Management's Discussion Berkshire Hathaway Inc. · 31 December 2000 Own record

   “While the potential impact of catastrophes and other large individual property losses is normally factored into reinsurance prices, past pricing did not consider the unprecedented magnitude of possible losses arising from the terrorist acts.”

5. E5 Management's Discussion Berkshire Hathaway Inc. · 31 December 2000 Own record

   “The severity of the losses arising from the September 11th attack underscored that risks of this kind were not contemplated in premium rates.”

6. E6 warren-buffett-wisdom/wiki/entities/general-re.md at main · innolight/warren-buffett-wisdom GitHub (user repository innolight/warren-buffett-wisdom)

   “It had been pricing property coverage from historical experience rather than current exposure, thereby assuming terrorism risk for free.”

Berkshire's 2001 annual report MD&A says its reinsurance businesses recorded pre-tax underwriting losses of about $2.4 billion from the September 11 attack (E3). That is inside the stated $2.0–2.5 billion range. The same filing says past pricing did not account for losses of that magnitude from terrorist acts, and that such risks were not contemplated in premium rates (E4, E5). That supports the point that Berkshire had not been adequately paid for the risk. Both criteria are met on the subject's official record.