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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

Dan Primack, author of Pro Rata
2 mins ago - Politics & Policy

Biden set to inherit Trump's TikTok conundrum

Illustration: Aïda Amer/Axios

Donald Trump has one day left in the White House. TikTok has a lot longer left in the app stores, despite still being owned by China's ByteDance.

Why it matters: Trump's failure to force divestiture or eviction was more than just a blunder, or source of schadenfreude for the TikTok users who bedeviled his reelection campaign's event planners. It was part of a "talk loudly and carry a small stick" economic policy toward China that Joe Biden will inherit.

Journalism enters dangerous new era

Illustration: Brendan Lynch/Axios

The Capitol attack on Jan. 6 resulted in at least nine physical assaults against journalists and at least five arrests, per the U.S. Press Freedom Tracker's top editor.

Why it matters: President Trump's harsh rhetoric towards the press has empowered leaders abroad and locally in the U.S. to continue to attack press that they don't like.

Ben Geman, author of Generate
3 hours ago - Politics & Policy

The beginning of the beginning for Biden's climate push

Illustration: Annelise Capossela/Axios

Joe Biden's inauguration and the days right after will bring a rat-tat-tat burst of climate policy moves, but keep this in mind amid the splashy pledges: pushing through most of his agenda will be a long, uncertain slog.

Why it matters: Biden's climate plan is far more expansive than anything contemplated under President Obama. But for all the immediate pledges, it will take years to see how far Biden gets.