NMIS Expands Parametric Hurricane Insurance to Puerto Rico for Commercial Risks
NormanMax Insurance Solutions has expanded its parametric insurance platform to include commercial hurricane risks in Puerto Rico, providing quicker payouts and tailored coverage to address the challenges of severe storms. Key features include reduced claims processing delays and digital quoting through the NMIS Broker Portal.
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 expansion allows island businesses to access effective hurricane protection, addressing significant challenges presented by severe storms.
The parametric hurricane insurance introduced by NMIS aims to reduce traditional claims processing delays by providing rapid and transparent payouts based on pre-defined storm parameters, such as sustained wind speeds at specific locations. This system requires only simplified proof of loss and a streamlined claims process.
Given Puerto Rico’s vulnerability to hurricanes and tropical storms, securing timely insurance payouts for storm-related damages presents considerable challenges. The primary objectives of this expansion are to ensure swift payments that mitigate immediate economic losses post-hurricane, offer responsive coverage for these losses, and deliver customizable options tailored to client needs. Furthermore, digital quoting and binding will enhance access to coverage through the NMIS Broker Portal.
Mark Groenheide, Chief Revenue Officer at NMIS, emphasized the importance of this initiative by stating that it is “an important step in closing the protection gap for businesses operating in high-risk regions.” He affirmed NMIS’s commitment to providing commercial policyholders with a transparent and efficient alternative to address the natural disaster protection gap for hurricanes, facilitating quicker recovery post-storm.
Additionally, brokers can now leverage the NMIS Parametric Insurance Platform to access real-time quoting and binding for commercial risks in Puerto Rico. In related news, FloodFlash, a parametric flood insurance provider, has agreed to terms for acquisition by NormanMax Insurance Holdings.
In summary, NMIS’s expansion of hurricane parametric insurance to Puerto Rico represents a significant advancement in providing timely and effective coverage for businesses facing natural disaster risks. The integration of rapid payment mechanisms and customizable options is designed to address the unique challenges posed by severe storms in the region, ultimately facilitating quicker recovery for affected businesses. This initiative underscores NMIS’s commitment to serving vulnerable markets with innovative insurance solutions.
Original Source: www.reinsurancene.ws
