Parametrix - cloud outage insurance

ELEMENT and Parametrix 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 in Europe.

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. The highly 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. Additionally, no proof of loss from the policyholder is required.

ELEMENT acts as risk carrier and is responsible for all claims settlement. The product is reinsured by Hannover Re, one of the leading reinsurers worldwide, 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 or via leading insurance brokers.