The hard-driving Buffett, who has been reluctant to name a successor, said in the past that Berkshire's board knows who would take over if something were to happen to him.
"Our directors believe that our future CEOs should come from internal candidates whom the Berkshire board has grown to know well", he said.
Abel joined Berkshire Hathaway Energy Company in 1992 and now serves as its chairman and CEO. Jain joined in 1986 and now serves as Executive Vice President of National Indemnity Company with overall responsibility for leading Berkshire's reinsurance operations.
Buffett told CNBC that elevating Abel and Jain would have also made sense five years ago.
Singapore passport ranked 2nd most powerful in Henley Index, Germany top
In 2008 and 2009, South Africa reached its highest ranking over the last 10 years when it ranked 35th on the index. Japan was the other high performer from Asia with a passport that has a power rating of 175 countries visa-free.
The chairman and chief executive of Berkshire Hathaway has joined the chorus of voices criticising the digital currency, which endured a rollercoaster ride at the tail end of 2017. He said jokingly, "I wasn't much to start with".
None of the executives was immediately available for interviews. His Iowa-based unit now runs several power companies in the United States, Canada and Britain, as well as natural gas pipelines and solar and wind farms. Jain will oversee all of Berkshire's insurance operations.
While Berkshire remains best known for insurance and reinsurance, the sector generates only about one-fourth of operating results as the company has diversified. "Why in the world should I take a long or short position on something I don't know anything about?"
"If Jain become CEO it would be great, but the complexity of the insurance business requires someone there with more day-to-day supervision", Wedgewood's Rolfe said. That instantly makes them front-runners to succeed Buffett. He now serves as executive vice president of National Indemnity Co.