NormanMax Insurance Solutions has expanded its parametric hurricane insurance to Puerto Rico, focusing on commercial risks. This initiative aims to provide efficient hurricane protection with quick payouts, addressing the unique storm-related challenges in the region. The expansion includes customizable coverage options and real-time access for brokers through a digital portal.
NormanMax Insurance Solutions (NMIS), a Lloyd’s coverholder and provider of parametric re/insurance solutions, has notably expanded its NMIS Parametric Insurance Platform and Broker Portal to encompass commercial risks in Puerto Rico. This initiative permits businesses on the island to obtain efficient and reliable hurricane protection, addressing the distinctive challenges associated with severe storms in the region.
The parametric hurricane insurance offered by NMIS effectively alleviates traditional claims processing delays by providing swift, transparent payouts triggered by predetermined storm parameters, such as sustained wind speeds at a designated location. This approach necessitates simplified proof of loss and a more streamlined claims process.
Given Puerto Rico’s considerable vulnerability to hurricanes and tropical storms, the region has historically faced significant challenges in obtaining timely insurance payouts for storm-related losses. The main objectives of this expansion are to facilitate prompt payments that help mitigate economic losses immediately following a hurricane, and to offer tailored coverage options that allow brokers to customize solutions based on the specific needs of their clients. Additionally, brokers will benefit from enhanced digital quoting and binding capabilities directly through the NMIS Broker Portal.
Mark Groenheide, Chief Revenue Officer at NMIS, remarked that the expansion of their online parametric hurricane insurance to Puerto Rico is a vital measure in addressing the protection gap for businesses in high-risk areas. He emphasized the commitment to provide commercial policyholders with a transparent and efficient alternative to navigate the challenges of natural disaster protection, thus enabling quicker recovery following a storm.
Brokers will now have the capacity to access real-time quoting and binding specific to Puerto Rico-based commercial risks through the NMIS Parametric Insurance Platform. Recently, NMIS has also negotiated terms to acquire FloodFlash, a provider of parametric flood insurance utilizing sensor technology.
The expansion of NMIS’s parametric hurricane insurance to Puerto Rico marks a significant advancement in providing commercial protection against hurricanes. By offering quicker and more efficient claims processing through transparent payouts, NMIS aims to enhance the resilience of businesses in vulnerable regions. With real-time quoting capabilities now available, brokers can efficiently tailor coverage options to meet specific client needs, ultimately facilitating a rapid recovery post-storm.
Original Source: www.reinsurancene.ws
