Introduction to NMIS Expansion
NormanMax Insurance Solutions (NMIS), a prominent Lloyd’s coverholder and provider of parametric re/insurance solutions, has announced the extension of its NMIS Parametric Insurance Platform and Broker Portal to encompass commercial risks in Puerto Rico. This strategic expansion offers businesses on the island enhanced access to reliable and efficient hurricane protection, tailored to address the severe storm challenges unique to the region.
Advantages of NMIS Parametric Hurricane Insurance
The parametric hurricane insurance provided by NMIS is designed to significantly reduce or even eliminate the traditional delays associated with claims processing. This is achieved through rapid, transparent payouts that are triggered by pre-defined storm parameters, such as sustained wind speeds at specific locations. These payouts are subject to a simplified proof of loss and a streamlined claims process, ensuring swift financial support.
Addressing Puerto Rico’s Insurance Challenges
Given its high vulnerability to hurricanes and tropical storms, Puerto Rico faces challenges in securing timely insurance payouts for storm-related losses. This expansion by NMIS aims to provide speedy payments, helping to mitigate economic losses immediately after a hurricane. The coverage responds quickly to these losses and offers customizable options, allowing brokers to tailor solutions to meet specific client needs.
Streamlining Access Through Technology
Digital quoting and binding capabilities are now available directly through the NMIS Broker Portal, facilitating easy access to coverage. Brokers can take advantage of real-time quoting and binding for commercial risks based in Puerto Rico, streamlining the entire process.
Statements from NMIS Leadership
Mark Groenheide, Chief Revenue Officer at NormanMax Insurance Solutions, emphasized, “Expanding our online parametric hurricane insurance to Puerto Rico marks a significant step toward closing the protection gap for businesses operating in high-risk regions. We are dedicated to providing commercial policyholders with a transparent and efficient alternative to address the natural disaster protection gap for hurricanes, enabling them to recover swiftly after a storm.”
Recent Developments
In a recent strategic move, NormanMax Insurance Holdings agreed on terms to acquire FloodFlash, a parametric flood insurance provider known for its innovative sensor technology.
