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 is the leading provider of cloud outage analytics and insurance solutions. We specialize in underwriting parametric insurance for system interruption, helping businesses protect against the costly impacts of downtime. Leveraging proprietary technology, we continuously monitor third-party IT services, gathering granular data on service performance and interruptions. This data enables us to assess risk accurately, provide instant insurance quotations, and streamline claims payments, ensuring our clients receive fast, reliable support when they need it most. Parametrix is a Managing General Agent and Lloyd’s Coverholder whose policies are backed by major A-rated global insurers. The company is based out of New York.
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