"They are the two key figures at Berkshire...this would've made sense five years ago, too". Jain joined the Berkshire Hathaway Insurance Group in 1986 and now serves as executive vice president of National Indemnity Company with overall responsibility for leading Berkshire's reinsurance operations.
He described Mr Abel and Mr Jain as having "Berkshire in their blood".
While Berkshire remains best known for insurance and reinsurance, the sector generates only about one-fourth of operating results as the company has diversified.
The announcement helps solidify Berkshire's eventual succession plan by giving both Abel and Jain experience with broader corporate responsibilities.
Also on the show, Buffett's right-hand man, Charlie Munger, also blasted frothiness in bitcoin - and in venture capital funding.
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For years, Buffett has said Berkshire had identified several internal CEO candidates who could replace him.
But on the stock market today, Berkshire's "B" shares traded 0.1% lower on the news, near 203.
Todd Combs and Ted Weschler, who are Buffett's investment deputies, are expected eventually to succeed Buffett as Berkshire's chief investment officer. Yet Buffett says Abel and Jain are the right choices as potential successors. Munger put forth the idea for Abel, Jain and himself to all have vice-chair titles, Buffett said.
Mr Buffett said he still goes to the office on Saturdays, but succession planning has always been part of the discussions among Berkshire Hathaway board members.
Buffett added Wednesday that he would immediately notify the board and Berkshire shareholders if his health became a cause of concern.