NMIS Expands Parametric Hurricane Insurance to Puerto Rico for Commercial Risks

NormanMax Insurance Solutions has expanded its parametric insurance platform to provide commercial hurricane risk coverage in Puerto Rico. This expansion aims to offer rapid, transparent payouts triggered by pre-defined storm parameters, addressing the region’s unique challenges with timely insurance payouts. Key goals include speeding up payments to mitigate losses and allowing brokers to tailor solutions for their clients, thereby enhancing recovery opportunities after storms.

NormanMax Insurance Solutions (NMIS), a Lloyd’s coverholder and provider of parametric re/insurance solutions, has expanded its NMIS Parametric Insurance Platform and Broker Portal to include commercial risks in Puerto Rico. This development allows businesses on the island to access effective hurricane protection, addressing the particular challenges of severe storms endemic to the region.

The NMIS parametric hurricane insurance significantly minimizes, and in some instances eliminates, the delays typically associated with traditional claims processing. It achieves this by providing rapid and transparent payouts that are triggered by pre-established storm parameters, including specific sustained wind speeds, subject to a simplified proof of loss and an efficient claims process.

Given Puerto Rico’s vulnerability to hurricanes and tropical storms, timely insurance payouts for storm-related damages have been a critical issue. The aim of this expansion is to facilitate prompt payments that alleviate economic losses soon after a hurricane, ensure quick responses in coverage for such losses, and offer customizable options for brokers to tailor their solutions according to client requirements. Furthermore, digital quoting and binding will be accessible via the NMIS Broker Portal, enhancing coverage accessibility.

Mark Groenheide, Chief Revenue Officer at NMIS, emphasized the significance of this expansion, stating it is vital for bridging the protection gap for businesses in high-risk areas. He affirmed, “We are committed to providing commercial policyholders with a transparent and efficient alternative to address the natural disaster protection gap for hurricanes, enabling them to have the opportunity to recover quickly after a storm.”

Now, brokers can access real-time quoting and binding for commercial risks based in Puerto Rico through the NMIS Parametric Insurance Platform. Additionally, NMIS’s recent agreement to acquire FloodFlash, a parametric flood insurance provider equipped with sensor technology, enhances their service offerings.

The expansion of NMIS’s Parametric Insurance Platform to Puerto Rico represents a significant advancement in providing hurricane protection for commercial risks. By ensuring rapid payouts and customizable coverage options, NMIS aims to address the unique challenges Puerto Rican businesses face during natural disasters. The initiative underscores NMIS’s commitment to not only fill the protection gap but also to enhance the efficiency of insurance solutions in high-risk regions.

Original Source: www.reinsurancene.ws