ELEMENT and Parametrix launch cloud outage insurance in Europe
With international companies around the world, whether in insurance, healthcare or travel, now relying on cloud storage, the need for insurance against failure of this kind of data storage has never been greater
The two companies have launched a first-of-its-kind parametric cloud outage insurance, designed to cover financial losses due to downtime of third-party IT and cloud infrastructure providers. Parametrix developed this unique insurance solution based on its proprietary monitoring technology that analyses the global performance and availability of cloud service providers’ down to the millisecond level.
Insured events detected in real time
The advanced parametric system ensures an accurate and precise overview of risk accumulation and concentration across different IT-services and regions. Also, the monitoring system detects insured events in real time and triggers compensation with waiting periods as short as only one hour. This new insurance solution in the field of cyber and tech-related insurance is an innovative answer for companies to financial losses due to cloud outages.
ELEMENT acts as risk carrier and is responsible for all claims settlement. The product is reinsured by a leading reinsurer with a Standard & Poor's AA- rating which is present on all continents. Currently, the downtime insurance is available for companies that have a registered office in Germany and can be bought directly on Parametrix’s website (www.parametrixinsurance.com) or via leading insurance brokers.
The new downtime insurance shows that parametric solutions will play a key role in the future of the insurance industry. Policyholders will benefit from the parametric nature of the product, including minimal waiting periods, fast pay-outs, complete transparency of insurance terms, and the possibility to now insure a previously un- or hardly insurable risk. Just Travel Cover recently launched its own parametric travel insurance product with CPP Group to cover lost luggage.