With so many disasters, insurance companies are finding it harder to pay claims

The video discusses the increasing frequency and impact of billion-dollar disasters in the US, highlighting the role of climate change. Former FEMA Administrator Craig Fugate explains the challenges faced by the insurance industry and response organizations due to these disasters. The discussion covers the need for better mitigation strategies and infrastructure investment to handle future risks effectively.

What was the estimated total damage cost of climate and weather disasters in 2023?

• $120 billion

• $150 billion

• $92 billion

• $50 billion

According to Craig Fugate, what is one of the main challenges faced by the insurance industry due to climate change?

• Lack of government support

• Inability to price risk affordably

• Decreasing number of disasters

• Increased competition from new insurers

What is causing donor fatigue among voluntary organizations responding to disasters?

• Government restrictions on donations

• Lack of media coverage

• Increased number of back-to-back disasters

• Decreased public interest

Why is the insurance industry struggling to provide affordable coverage for weather-related hazards?

• Increased competition from international insurers

• Decreasing demand for insurance

• High risk and state regulations

• Lack of technology

Which state is mentioned as facing challenges with wildfires affecting insurance coverage?

• New York

• Florida

• California

• Texas

What is a key focus for future infrastructure investments according to the discussion?

• Increasing urban development

• Reducing construction costs

• Building for future risk

• Building for current weather patterns

What is the role of Congress in disaster mitigation and infrastructure investment?

• To limit federal spending

• To increase insurance premiums

• To allocate funds for resilient infrastructure

• To reduce taxes