Protocol wrote a piece about the volatility of cloud services and how insurance can cover financial losses from outages that knock businesses offline.
“The 3-year-old startup offers cloud downtime insurance to compensate policyholders for their financial losses — or their customers’ losses — when their cloud provider has a service disruption. On average, one of the three major public cloud providers — AWS, Microsoft Azure and Google Cloud — experienced an outage lasting at least 30 minutes every three weeks in 2021, according to Parametrix.”
Read the full story here.
About Parametrix
Parametrix, the leading provider of digital business interruption solutions, specializes in parametric insurance that protects against the financial cost of technology and digital infrastructure downtime. Leveraging a proprietary network of monitoring systems, we collect and analyze real-time, granular data on the performance and availability of critical infrastructure— including data centers, SaaS providers, and cloud services— to accurately assess risk and deliver fast, transparent claims payments. Our solutions enable businesses, data center stakeholders, and (re)insurers to quantify, manage, and transfer the financial risks of downtime with unmatched precision. Parametrix is a Managing General Agent and Lloyd’s Coverholder, with policies backed by major A-rated global insurers, and is headquartered in New York.
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