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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

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Exclusive: Facebook cracks down on political content disguised as local news

Illustration: Eniola Odetunde/Axios

Facebook is rolling out a new policy that will prevent U.S. news publishers with "direct, meaningful ties" to political groups from claiming the news exemption within its political ads authorization process, executives tell Axios.

Why it matters: Since the 2016 election, reporters and researchers have uncovered over 1,200 instances in which political groups use websites disguised as local news outlets to push their point of view to Americans.

20 mins ago - Technology

Nationalism and authoritarianism threaten the internet's universality

Illustration: Aïda Amer/Axios

Governments around the world, prompted by nationalism, authoritarianism and other forces, are threatening the notion of a single, universal computer network — long the defining characteristic of the internet.

The big picture: Most countries want the internet and the economic and cultural benefits that come with it. Increasingly, though, they want to add their own rules — the internet with an asterisk, if you will. The question is just how many local rules you can make before the network's universality disappears.

The Democratic fight to shape Biden's climate policy

Illustration: Sarah Grillo/Axios

Left-wing climate activists don't want Joe Biden getting advice from people with credentials they don't like — and they're increasingly going public with their campaign.

Why it matters: Nobody is confusing Biden with President Trump, and his climate platform goes much further than anything contemplated in the Obama years.