Parametrix, a specialist in cloud downtime insurance protection, has launched Parametrix Analytics, a new service allowing re/insurers to quantify, manage, and transfer cloud risks with “unprecedented” accuracy.
According to the firm, the new service leverages the proprietary cloud monitoring platform and extensive data resources it has cultivated through its Lloyd’s coverholder business.
“With Parametrix Analytics, (re)insurers gain unparalleled, granular visibility into their portfolios’ cloud exposure. Those insights enable precise risk assessment, facilitate mapping of accumulation and aggregation points, and allow (re)insurers to quantify potential financial and insurance losses with confidence,” Parametrix explained.
The new service also reportedly equips industry leaders with essential tools to implement structured risk transfer strategies within both the insurance-linked securities (ILS) and reinsurance frameworks, including parametric and non-parametric approaches, to optimize risk retention, mitigation, and transfer.
Parametrix Chief Commercial Officer Sharon Haran, who will lead the new business unit, commented, “Parametrix Analytics marks a significant enhancement of our ability to tackle the risks emerging alongside the world’s expanding reliance on third-party tech services like the cloud and AI.
“These same systems were used to underwrite cloud risk on behalf of our Lloyd’s capacity providers. Even when historical data was limited, our model was trusted to manage our accumulation.
“Now, with years of cloud performance data to inform those models, Parametrix Analytics confidently provides cloud accumulation modelling to others in the cyber sector.”
Max Perkins, former Head of Strategy and Innovation for Cyber & Technology at Axis Capital and current advisor to Parametrix Analytics, added, “Parametrix is positioned perfectly to foster greenfield market growth in cyber insurance, and more importantly, to continue reducing uncertainty in modelling cloud disaster scenarios.”
Parametrix acted as the modeling agent for the recently launched cloud outage catastrophe bond which benefits Hannover Re, and on an ongoing basis will be the calculation agent for the transaction.
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