Warren Buffett sees the self-driving technology as a threat to auto-insurance business.

He made interesting comments about self-driving vehicles and trucks at Berkshire Hathaway’s annual meeting on Saturday.

According to the billionaire, making safe self-driving vehicles is a good thing for the world, but it would hurt Berkshire Hathaway and other companies.

“If they make the world safer it’s going to be a very good thing, but it won’t be a good thing for auto insurers,” Buffett was quoted as saying by Yahoo Finance and Business Insider.

The star investor added that “autonomous vehicles, widespread, would hurt us [Berkshire Hathaway] if they spread to trucks and they’d hurt our auto-insurance business.”

Safety is a Selling Point for Driverless Cars

Buffett said:

“If driverless cars became pervasive it would only be because they were safer.”

However, the billionaire noted that safe driverless cars “would mean that the overall economic cost of auto-related losses had gone down and that would drive down the premiums.”

Personally, Buffett thinks that self-driving cars “will certainly come.”

“I think they might be a long way off, but that will depend on the experience in the early months of the introduction other than test situations.”

Berkshire Hathaway Inc. (NYSE:BRK.A, NYSE:BRK.B) is engaged in various business through its subsidiaries. It owns GEICO, General Re Corp., Berkshire Hathaway Reinsurance Group, Burlington Northern Santa Fe, and Berkshire Hathaway Energy, among others.