ELEMENT and Parametrix launch cloud outage insurance in Europe

Berlin-based digital risk carrier ELEMENT has partnered with US-based MGA Parametrix to launch a parametric cloud outage insurance, designed to cover financial losses due to downtime of third-party IT and cloud infrastructure providers.

Parametrix developed this insurance solution based on its monitoring technology that analyses the global performance and availability of cloud service providers down to the millisecond level. The monitoring system detects insured events in real-time and triggers compensation with waiting periods as short as only one hour.

ELEMENT acts as a risk carrier and is responsible for all claims settlement. Currently, downtime insurance is available for companies that have a registered office in Germany and can be bought directly on Parametrix’s website or via insurance brokers.

“In Parametrix, we have found a highly innovative and fast-moving partner who shares our vision for the insurance industry and the broader insurance market – completely digital insurance solutions that serve major client needs. The parametric downtime insurance solution is not only a first-of-its-kind, but it will also set new standards in the market. Together we will bring this solution to several European countries and expand ELEMENT’s business operations to new levels.” – Eric Schuh, Deputy CEO and Chief Operating Officer of ELEMENT.