Last week, Warren Buffett, Chairman of Berkshire Hathaway (BRK.A and BRK.B), said India's 26% foreign ownership cap on insurers deters him from such an investment. This follows an earlier report that Buffett aims to enter the Indian insurance sector as a corporate agent of Bajaj Allianz General Insurance.

After numerous world calamities, Buffett's focus on insurance companies, and the fact that many hedge funds seem to be heavily focused on banks and neglecting insurance companies -- with the exception of Bruce Berkowitz -- I decided to explore the possibilities.

Even though we can anticipate billions of dollars in claims there still are buying opportunites.

Do you have any interest in insurance companies amidst the turmoil, disaster and current crises in Japan? A crises that followed so closely on the heals of the destruction of the New Zealand city of ChristChurch by a 6.3 magnitude earthquake. Perhaps you think this is even a poorer idea than catching that proverbial falling knife we are always hearing about when stock prices are collapsing.

Certainly there will be billions of dollars in claims. On the other hand, perhaps the burden will be spread around the globe to reinsurer's such that none is struck too hard and this is a buying opportunity. After all, when the dust settles, insurers will cry for mercy, and in particular, rate increases. It is also likely those that never saw the need for insurance have been awakened and demand will increase.

Ten weeks into the year and never a dull moment. Pondering the remaining 42 weeks and beyond, where will value be found? We know that "my pal Warren" is on the prowl waist high in Berkshire Hathaway cash to invest, and he is on record as chomping on the bit to do so. Just this morning it was reported that Buffett had closed a $9 billion deal to buy Lubrizol Corp. (LZ), the Wickliffe, Ohio-based maker of engine lubricants.

More evidence of this abounds: Wednesday March 2, (Reuters) - US-based Berkshire Hathaway aims to enter the Indian insurance sector as a corporate agent of Bajaj Allianz General Insurance.

This is part 1 of a series examining the insurance market for expansion, stock valuations, potential risks and opportunities, excluding health care focused companies, a whole other breed of enterprise.

Prognosticators the world over are throwing in their 2 cents about "my pal Warren's" next market moves; especially since he announced last week that his trigger finger was itchy. When Warren Buffett, chairman of Berkshire Hathaway (BRK.A and BRK.B) speaks, investors listen.

On Wednesday March 2, this investor threw in his two cents worth (see:Serious Money: What Should Warren Buffett Do Next?) discussing possible acquisitions. Since all the "pro's", I use the term loosely, have had a say I thought I would give readers a chance to express some of their ideas too.

Late Tuesday, insurance issue MetLife Inc. (NYSE: MET) reported that it will combine its U.S. operations into a single division. The company's institutional and individual business segments, as well as its home and auto units, will be merged into one under the aegis of William Mullaney, the current head of MET's institutional business. The metamorphosis is set to begin Aug. 1, although a full integration isn't expected to be complete until 2010.

"With this realignment, we are recognizing that we can better serve both employee benefit plan sponsors and individual customers through a single, integrated organization, while preserving our unique franchises," commented CEO and chairman C. Robert Henrikson. "A unified U.S. business organization creates a stronger growth platform and builds on our financial strength and our strong brand."