Parametrix News
17 articles
UK’s Cyber Monitoring Centre teams up with Parametrix Analytics
Parametrix Analytics, a division of the cyber insurtech company Parametrix, has partnered with the Cyber Monitoring Centre (CMC) to evaluate the dependency of UK organizations on cloud infrastructure and the potential economic impacts of cloud service outages. The collaboration involves a comprehensive analysis of UK companies to gauge their reliance on cloud services. Preliminary findings indicate that 90% of FTSE 100 companies are dependent on cloud infrastructure. The partnership aims to help UK businesses and the cyber insurance industry understand their cloud exposure and develop plans for operational resilience. The cloud risk analytics service was launched in April earlier this year.
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The CrowdStrike Bill is $5.4 Billion. That's Just the Fortune 499: Insurer Parametrix
Lloyd’s Coverholder Parametrix launches new service for cloud risk modelling
Parametrix has launched Parametrix Analytics, a new service designed to help re/insurers manage cloud risks with high accuracy. This service uses Parametrixs proprietary cloud monitoring platform and extensive data resources to provide detailed insights into cloud exposure, enabling precise risk assessment and financial loss quantification. The service supports structured risk transfer strategies within insurance-linked securities and reinsurance frameworks. Parametrix Analytics is led by Sharon Haran and aims to enhance the companys ability to manage risks associated with third-party tech services like cloud and AI. The company also acts as a modeling agent for a cloud outage catastrophe bond benefiting Hannover Re.
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Hannover Re & Parametrix launch world's first cloud outage catastrophe bond
Hannover Re, in collaboration with Parametrix, has issued the worlds first cloud outage catastrophe bond, Cumulus Re, valued at $13.75 million. This innovative bond provides Hannover Re with retrocession coverage against cloud outage loss within its cyber reinsurance portfolio. The bond was placed with multiple investors to meet the rising demand for such reinsurance coverage. Parametrix, specializing in cloud monitoring and modeling, acts as the modeling and calculation agent for the bond. This initiative is seen as a crucial step in managing systemic risks in the cyber insurance market, with Hannover Re planning to expand this coverage over time.
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Game changers celebrated at Intelligent Insurer’s Cyber Insurance Awards Europe 2024
Parametrix Insurance won the Cyber Insurtech of the Year award at the Intelligent Insurers Cyber Insurance Awards Europe 2024. The company was praised for its innovative and comprehensive solution that addresses essential friction points and has the potential to significantly impact aggregation and risk management. Other notable winners include Coalition, which won the Cyber MGA of the Year award, and the Association of British Insurers (ABI), which received the Cyber Insurance SME Initiative of the Year award for its Cyber Safety Tool initiative. Axio also received recognition for its Cyber Property Damage Product of the Year. These awards highlight the companies contributions to innovation and technology in the cyber insurance industry.
Fortune 500 Vulnerabilities to Third-Party Cloud Risk Could Result in $20B Loss: Parametrix
Parametrix, a provider of cloud risk solutions and monitoring services, has highlighted the significant financial risks that Fortune 500 companies face due to potential outages of third-party cloud services. The report indicates that a 24-hour outage in the AWS us-east-1 region could result in a direct revenue loss of $3.4 billion, escalating to $7.8 billion for a 48-hour outage. The study emphasizes the vulnerability of these companies to cloud disruptions, with over 90% relying on cloud services. Parametrixs research suggests that while the risk is substantial, it can be mitigated through cloud downtime insurance policies.
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Cloud outage insurance: Everything you need to know | TechCrunch
The article discusses the growing interest in cloud downtime insurance, a niche within non-damage business interruption (NDBI) insurance, which has gained traction due to recent economic disruptions. Parametrix Insurance, a company offering such insurance, raised $17.5 million in a Series A round and partners with reinsurance companies like Hannover Re and Lloyd’s of London. The insurance model is parametric, meaning payouts are triggered by specific events rather than documented losses. The market for cloud downtime insurance is still developing, with potential growth as more businesses recognize the need to protect against cloud-related losses. Parametrix is expanding its coverage to include downtime of CDNs and e-commerce services.
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MS Azure outage triggers Parametrix parametric cloud insurance - Reinsurance News
Parametrix, a leading provider of cloud downtime insurance, recently monitored an outage of Microsoft Azure, affecting thousands of businesses and users. The outage lasted approximately two hours and 24 minutes. Parametrix plans to issue claim payments to eligible insureds within weeks, demonstrating their commitment to service excellence. The incident highlights the increasing concerns about cloud downtime risk exposure as businesses become more reliant on cloud computing. Parametrix will release its first annual Cloud Outage Report soon. The event underscores the limitations of traditional cyber business interruption policies, which may not provide sufficient coverage for such incidents.
Parametrix & IMA partner on cloud downtime insurance - Reinsurance News
Parametrix Insurance has entered into a partnership with IMA Financial Group to offer parametric downtime coverage to more companies. The partnership will allow IMA to make Parametric downtime coverage available throughout its entire footprint and subsidiaries. Parametrix will integrate into IMA platforms and systems for seamless provisioning. The two companies will collaborate on marketing activities and offer consultative enterprise assessments and analysis of downtime risks and exposure. The partnership aims to provide a seamless experience for clients facing complex risk and protect them from outages.
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Parametrix ממשיכה להתרחב ומגייסת עשרות עובדים למשרדים בתל אביב ובארה"ב - וואלה! כסף
Insurtech startup Parametrix is in the midst of a hiring process for dozens of positions in development and software fields, following its recent $17.5 million Series A funding round. The company provides businesses with rapid recovery from cloud system outages. Parametrixs advanced monitoring systems and insurance policies protect businesses from financial losses incurred during cloud system failures. The company, founded in 2019, collaborates with major insurance companies, including leading syndicates at Lloyds of London. Parametrix plans to double its workforce from 45 to 100 employees by the end of the year. The open positions include DevOps Lead, Senior Backend Engineer, Backend Team Lead, SalesForce Expert, and Growth Marketing Manager.
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נטע רוזי ואורי כהן - Forbes Israel
Parametrix, a company that offers insurance products to protect companies from technological system crashes, has developed global monitoring systems for cloud services and technology for risk management and optimization. The company has raised $17.5 million in funding led by Firstmark Capital and F2. Parametrixs insurance is backed by leading reinsurers such as Lloyds of London and Hannover-Re. The company currently operates in the US, Israel, Europe, and Japan and plans to double its workforce by the end of the year. The founders, Uri Cohen and Netta Rozenblum, are Israeli entrepreneurs who have previously founded other successful ventures.
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היזמת שרוצה לחדש את עולם הביטוח: "כמייסדים בחנו כמה תעשיות והתייעצנו, לתעשיית הביטוח היה את הפוטנציאל הגדול ביותר"
The article features an interview with Netta Rozen, the co-founder and CTO of Parametrix, an insurtech startup. Rozen discusses the integration of the insurance industry with emerging technology trends and the challenges faced by the company. Parametrix offers insurance policies that protect businesses from financial damages caused by cloud system outages. The company recently raised $17.5 million in funding from F2 Venture Capital and FirstMark Capital. Rozen emphasizes the focus on growth and innovation, and the use of data in their entrepreneurial journey. Parametrix collaborates with leading insurance companies, including Lloyds of London, and has a growing network of insurance agents in the US and Europe.
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Insurance powerhouse Sompo signs strategic collaboration with Parametrix to insure e-commerce stores
Israeli startup Parametrix plans to provide insurance services to millions of customers in Japan and the Far East through a collaboration with Japanese insurance giant Sompo. Parametrix specializes in insurance policies for cloud-based crashes and downtime. The company recently raised $17.5 million from FirstMark Capital and F2 Ventures. The collaboration with Sompo represents Parametrixs entry into the Japanese market. Parametrixs technology monitors third-party systems and provides alerts about downtime events. The collaboration was led by Sompos innovation center in Tel Aviv. The project was conducted through Zoom meetings due to the Covid-19 pandemic.
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Israeli insurtech co Parametrix raises $17.5m
Parametrix Insurance, based in Tel Aviv, has secured $17.5 million in a financing round led by FirstMark Capital, with participation from F2 Ventures. The company specializes in digital insurance against downtime in multi-cloud environments, offering fast-paying policies that protect businesses from financial losses due to IT service disruptions. The funds will be used to accelerate global expansion, either directly or through a network of insurance brokers. Parametrixs system continuously monitors third-party IT services, collecting granular data to support predictive modeling and risk assessment. This positions the company to offer comprehensive insurance solutions in a market increasingly reliant on cloud services.
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Parametrix Wins UK Round of Zurich Innovation Comp -
Insurer Zurich has announced Parametrix as the UK finalist of its World Innovation Championship. Parametrix offers parametric insurance policies to SMEs and others, compensating them for downtime caused by IT provider disruptions. Zurich and Parametrix will collaborate on a pilot project ahead of the EMEA round in June. Parametrix is one of 26 country winners that will compete for the final round, with three winners having the opportunity to work with Zurich on a local pilot and potentially scale it globally. The Zurich Innovation Championship received a total of 1,358 submissions, with 117 applications coming from UK-based start-ups.
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A look at Parametrix
Israeli startup Parametrix has launched its web presence. Parametrix is an MGA that creates parametric insurance policies focused on external software downtime. The company is led by cofounders Yonatan Hatzor, Neta Rozy, and Ori Cohen.
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