Nati Harnik / AP

Billionaire Warren Buffett, who owns Geico and several other insurers, said on CNBC that damages from Harvey in Texas are "staggering" and that the "insured loss will be large." He noted "there will be a lot of uninsured loss, too."

He said for Geico customers, he suspects most of the losses will be total losses.

Why it matters: According to an AP investigation, "Houston's Harris County has 25,000 fewer flood-insured properties than it did in 2012," a 9% drop in coverage. That means many residents seeking refuge from Harvey will be forced to use savings, take on debt, or even sell to deal with damages.

Bonus Buffett quotes, per CNBC: "I would guess we're in a 2 percent growth economy now ... Every now and then we think it's accelerating. And every now and then that maybe there's a double dip or something. It just seems to be a couple of percent."

Go deeper

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Pence chief of staff Marc Short tests positive for coronavirus — COVID-19 looms over White House Halloween celebrations
  2. Health: Fauci says maybe we should mandate masks if people don't wear them — America was sick well before it ever got COVID-19
  3. World: Polish President Andrzej Duda tests positive for COVID-19.

Pence chief of staff Marc Short tests positive for coronavirus

Marc Short with Katie Miller, Vice President Pence's communications director, in March. Photo: Doug Mills/The New York Times via Reuters

Marc Short, Vice President Mike Pence’s chief of staff, tested positive for the coronavirus Saturday and is quarantining, according to a White House statement.

Why it matters: Short is Pence's closest aide, and was one of the most powerful forces on the White House coronavirus task force.

5 hours ago - World

Opposition leader Leopoldo López flees Venezuela

Venezuelan opposition politician Leopoldo López outside the Spanish embassy in Caracas, in 2019. Photo: Juan Barreto/AFP via Getty Images

Leopoldo López, a former political prisoner and prominent Venezuelan opposition leader, has left the country, his Popular Will party confirmed in a statement Saturday.

Why it matters: He's been an influential force in the push to oust President Nicolás Maduro's regime and a mentor to opposition leader Juan Guaidó. He'd been in the Spanish ambassador's Caracas residence since escaping house arrest in April 2019 following a failed military uprising.