NMIS has launched its Parametric Insurance Platform for commercial hurricane risks in Puerto Rico, aiming to provide faster, transparent payouts triggered by specific storm conditions. This initiative addresses the unique challenges faced by local businesses during hurricanes, offering customizable coverage and improving the efficiency of the claims process. Immediate financial relief will help mitigate economic losses after storms.
NormanMax Insurance Solutions (NMIS), a Lloyd’s coverholder and provider of parametric re/insurance solutions, has announced the expansion of its NMIS Parametric Insurance Platform and Broker Portal to include commercial risks in Puerto Rico. This initiative aims to enable local businesses to secure reliable hurricane protection, addressing the specific challenges that severe storms present in the region.
The NMIS parametric hurricane insurance is designed to minimize traditional claims processing delays by offering rapid, transparent payouts. Payments are triggered by specified storm parameters, such as sustained wind speeds, and involve a simplified proof of loss process, facilitating quicker access to funds.
Puerto Rico’s vulnerability to hurricanes and tropical storms poses challenges in obtaining prompt insurance payouts for storm damages. To counteract this issue, NMIS seeks to provide immediate payments that alleviate economic losses post-hurricane, deliver responsive coverage, and offer customizable options to meet unique client needs. Additionally, digital quoting and binding will be accessible via the NMIS Broker Portal for enhanced coverage accessibility.
Mark Groenheide, Chief Revenue Officer of NMIS, emphasized the importance of this initiative, stating that it is a significant step towards closing the protection gap for businesses in high-risk areas. NMIS is devoted to offering commercial policyholders a transparent and efficient solution to the hurricane protection gap, which will facilitate their rapid recovery after storms.
Brokers can now access real-time quoting and binding for commercial risks in Puerto Rico directly through the NMIS Parametric Insurance Platform. Notably, NMIS has recently outlined plans to acquire FloodFlash, a provider of parametric flood insurance utilizing sensor technology.
The expansion of NMIS’s hurricane parametric insurance to Puerto Rico represents a crucial development for businesses on the island, offering a risk management solution that addresses the severe weather challenges in the region. By facilitating rapid payouts and streamlining claim processes, NMIS aims to reduce the financial strain on local businesses following hurricanes. The incorporation of digital tools for brokers further enhances accessibility to this essential coverage.
Original Source: www.reinsurancene.ws
