While most of the insurance industry has cut its exposure to the fossil fuels sector, the buying by State Farm and Berkshire Hathaway’s (BRK.B) insurance companies were so big it helped offset the decline in the rest of the industry, Shane Shifflett and Jean Eaglesham of The Wall Street Journal report, citing an analysis by the Journal of data from the National Association of Insurance Commissioners. Property-and-casualty insurers reduced their portfolios dedicated to fossil fuels to 1.8% last year from 3.4% in 2014, while the increases from State Farm and Berkshire drove the industry’s exposure to fossil fuels higher, increasing it to 4.4% of their portfolios from 3.8%, the analysis found.
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