Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Axios on your phone

Get breaking news and scoops on the go with the Axios app.

Download for free.

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

David J. Phillip / AP

A preliminary insurance analysis released Tuesday by RMS (which advises hundreds of insurers and financial institutions on their financial exposure from natural and human-made disasters and catastrophes) puts the economic loss from Harvey as high as $90 billion.

Why it matters: Because up to 80 percent of the homes and businesses in Houston aren't insured for flood damage (either privately or through federal flood insurance programs), the financial toll could be catastrophic. "The majority of these losses will be uninsured, given that private flood insurance is limited," said Michael Young, who heads RMS' climate risk modeling in the Americas. This will present a challenge to Congress and the Trump administration when it begins work on aid for the area.

RMS said Tuesday that hundreds of thousands of individual National Flood Insurance Program (NFIP) policies will almost certainly be affected by the devastation in Houston. It could be the largest event ever directed at the federal flood insurance program managed by FEMA, the agency in charge of the program, RMS said. The majority of the economic loss is likely to be in the metropolitan Houston area, where there are more than 7 million properties worth $1.5 trillion.

Harvey has broken all U.S. records for a single extreme-rainfall event, with cumulative amounts in some regions as high as 51 inches. As a result, RMS estimates the economic losses caused by a combination of wind, storm surge and inland flooding could be as high as $70-90 billion. But the losses could be even higher. RMS won't issue its official insurance loss estimate for several weeks.

Go deeper

Chart: Less than 0.1% of vaccinated Americans infected with COVID-19

Expand chart
Data: CDC; Chart: Danielle Alberti/Axios

Of the 164 million vaccinated Americans, less than 0.1% have been infected with the coronavirus, and 0.001% have died, according to data from the Centers for Disease Control and Prevention.

Why it matters: While "breakthrough cases" have been getting some media attention, the low numbers show that the pandemic is mostly a threat for the unvaccinated population.

Poll: Women of color highly motivated to vote

Voting rights activists, led by Congressional Black Caucus chair Joyce Beatty (D-Ohio), protest recent passage of voter restriction laws at Hart Senate Office Building on July 15, 2021. Photo: Alex Wong via Getty Images

Women of color turned out to vote at record rates in the 2020 election, with almost nine in 10 agreeing that the stakes were too high not to vote, according to a new poll.

Why it matters: The findings in the poll, conducted by The Harris Poll on behalf of a group of reproductive rights organizations, appear to confirm the highly-motivated voting bloc's emerging power.

Updated 3 hours ago - Sports

Olympics dashboard

Katie Ledecky in Tokyo. Photo: Ding Xu/Xinhua via Getty Images

🚨: Simone Biles won't compete in individual vault or uneven bars

🏊‍♀️: Katie Ledecky wins gold in women's 800m freestyle

🏊: Caeleb Dressel breaks world record in men's 100m butterfly, 3rd gold

🇬🇧: Britain wins gold in first-ever Olympic mixed 4x100m medley relay

💻: Japan tests teleporting games and "remote cheering"

🏳️‍⚧️: Axios at the Olympics: Games grapple with trans athletes — Trans athletes see the Tokyo Games as a watershed moment

Go deeper: Full Axios coverage