US Insurers Had $500 Billion in Fossil-Fuel Assets, Study Finds

US insurers now retreating from markets hit by the fallout of climate change held more than $500 billion in fossil-fuel investments as recently as 2019, according to a fresh study.

The country’s top two property and casualty insurance providers, Berkshire Hathaway and State Farm, alone held 45% of the assets, according to Changing Climate for the Insurance Sector which analyzed holdings as of 2019, the most recent year for which complete data is available.

The development comes as homeowners in California, Florida and elsewhere find themselves increasingly unprotected against loss after insurers including State Farm declined to offer or ...