Lloyd’s coverholder and a parametric re/insurance solutions provider, NormanMax Insurance Solutions (NMIS), has expanded its NMIS Parametric Insurance Platform and Broker Portal to include commercial risks in Puerto Rico.
Benefits of Expansion
This expansion enables businesses on the island to access reliable and efficient hurricane protection, addressing the unique challenges posed by severe storms in the region. NMIS’s parametric hurricane insurance reduces, and sometimes removes, traditional claims processing delays by offering rapid, transparent payouts triggered by pre-defined storm parameters, including sustained wind speeds at a specific location, subject to a simplified proof of loss and a streamlined claims process.
Challenges and Goals
Puerto Rico is highly vulnerable to hurricanes and tropical storms and has found it a challenge to secure timely insurance payouts for storm-related losses. The key goals of this expansion are to provide speedy payments that help mitigate economic losses immediately after a hurricane, offer coverage that responds quickly to these losses, and deliver customisable options that allow brokers to tailor solutions based on client needs.
Additionally, digital quoting and binding will be available directly through the NMIS Broker Portal, streamlining access to coverage.
Statements from NMIS
Mark Groenheide, Chief Revenue Officer at NormanMax Insurance Solutions, commented, “Expanding our online parametric hurricane insurance to Puerto Rico is an important step in closing the protection gap for businesses operating in high-risk regions.
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.”
Broker Access
Brokers can now access real-time quoting and binding for Puerto Rico-based commercial risks through the NMIS Parametric Insurance Platform.
Recent Developments
Recently, FloodFlash, the parametric flood insurance provider with sensor technology, agreed on terms to be acquired by NormanMax Insurance Holdings.
