Multiple Insurance Cooperative

The Puerto Rico RIL conducted convenings with Parallel 18 start-ups and insurance industry leaders to seek an expedient and unencumbered insurance coverage solution without affecting the base-rate requirements and that would be allowed by local regulations. Parametric insurance was the best option for a new product and was adopted by the Multiple Insurance Cooperative to be developed by a commercial line. This new product is expected to be marketed prior to the next hurricane season.