Paul Horgan, head of North America Commercial Insurance for Zurich North America and the moderator of the event, explained that Puerto Rican infrastructure is an example of what is happening across the country due to a lack of infrastructure investment to create more resilient power systems, bridges, roads and water systems.

“Our objective is to facilitate a conversation on the complex set of challenges in Puerto Rico with an emphasis on rebuilding to a standard that can better sustain major catastrophes in the future,” Horgan said.

Bad for business

Horgan also focused on the ways deteriorating infrastructure is hurting U.S. businesses.

In 2017, the American Society of Civil Engineers gave U.S. infrastructure an overall rating of D+ for the condition of the nation's roads, bridges, dams, ports and other vital areas. They estimated that by 2020, “aging and unreliable” infrastructure will cost American businesses $1.2 trillion.

For example, U.S. businesses spend an extra $27 billion annually in additional freight costs due to poor conditions of roads and other surface transportation infrastructure, according to Zurich.

Last week, Zurich released its paper on Rebuilding Infrastructure: The Need for Sustainable and Resilient Solutions, arguing for the need for sustainable planning and resilient building at a time when severe weather events are increasing in severity and frequency.

“In the aftermath of a disaster, there is rarely the time to think beyond recovery,” the paper states. “When in reality we should be taking the time — in advance — to make sure the lights will stay on when the next disaster strikes.”

Related: What we've learned from Hurricanes Harvey, Maria and Irma

In May, Zurich will sponsor Infrastructure Week, convening organizations and people from across the country to highlight the issue of aging infrastructure and to encourage policymakers to invest in the projects, technologies, and policies Zurich professionals say are necessary to make the U.S. competitive, prosperous and safe.

“The insurance industry has a key role to play in seeking solutions for rebuilding infrastructure,” Horgan said. “We won't be able to truly improve the infrastructure in Puerto Rico and in the United States overall unless we encourage collaboration between all stakeholders and continue to hold conversations like we are having today.”

Check out the video below from Zurich for more on the challenges of rebuilding Puerto Rico and its infrastructure.

(Video: Zurich Insurance)