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Expand chart
Data: Guy Carpenter; Note: Index shows changes to global property catastrophe pricing from its starting point of 100 in 1990; Chart: Axios Visuals

Insurers are resisting rate hikes from their insurers, including the property reinsurers that act as a safety net if insurance companies’ losses reach a certain level.

Why it matters: Reinsurers, which in the past have bid up rates as insurers accumulated more losses than expected, are competing more with alternative capital.

What’s new: Endowments and pension funds are increasingly putting money into catastrophe bonds, a vehicle that raises money for insurance companies — giving insurers other options to turn to in the event they need help paying out claims.

  • What they’re saying: “The reinsurance pricing environment, in a word, has been frustrating,” Brian Young, CEO of reinsurer Odyssey Group, said at a recent industry conference.

Go deeper: U.S. insurance industry under growing pressure to exit fossil fuels

Go deeper

The biggest headline from Biden's town hall

President Biden greets attendees during a commercial break in Baltimore last night. Photo: Nicholas Kamm/AFP via Getty Images

What matters from President Biden's town hall with CNN's Anderson Cooper at Baltimore Center Stage on Thursday, via Axios night owl Hans Nichols:

The biggest headline: Biden is jettisoning the corporate tax increases that White House officials have insisted, for the past 10 months, are wildly popular across the country. He admitted he doesn't have the votes.

Trump, your 2024 GOP nominee

Illustration: Shoshana Gordon/Axios

Former President Trump is telling most anyone who'll listen he will run again in 2024 — and poll after poll shows the vast majority of Republicans would gladly cheer him on and vote for him. 

Why it matters: Trump is the heart, soul and undisputed leader of the Republican Party and will easily win the nomination if he wants it, the polls make unmistakably clear.

Ina Fried, author of Login
1 hour ago - Technology
Column / Signal Boost

How smartphone cameras became the best cameras

Illustration: Sarah Grillo/Axios

For years, the smartphone has been the most convenient camera, and in recent years it has also become the easiest and most versatile camera. But this year's high-end smartphones have taken things to a new level — capturing images that would be either tough or impossible even with a high-end digital camera.

Between the lines: Traditional cameras have the advantage of bigger sensors and better lenses, but smartphone cameras are rivaling and even surpassing them by tapping computational power.