08:41 AM EDT, 09/25/2024 (MT Newswires) -- Berkshire Hathaway's (BRK.A) insurance companies and State Farm are still making investments in fossil fuels large enough to help offset a decline in the rest of the industry, The Wall Street Journal reported Wednesday.

While property-and-casualty insurers reduced their fossil fuel investments to a median 1.8% last year from 3.4% in 2014, the increases from State Farm and Berkshire increased the industry's overall exposure to the energy source, according to the Journal's analysis of data from the National Association of Insurance Commissioners.

Market appreciation and the two insurers' buying drove the value of the industry's fossil-fuel holdings to $84.6 billion last year from $57 billion in 2014, the Journal added.

State Farm and Berkshire did not immediately respond to MT Newswires' request for comment.

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