Parametrix, a provider of cloud monitoring, modeling, and insurance services has launched Parametrix Analytics, a brand new service that will allow re/insurers to quantify, effectively manage, and efficiently transfer cloud risks with unprecedented accuracy.
According to the announcement, Parametrix Analytics’ proprietary modeling approach is based on “discovery and analysis of the real cloud footprint of insured portfolios and historical cloud performance data”, drawing from nearly 54 billion data points collected by the Parametrix Cloud Monitoring System.
The company’s new service is supported by cutting-edge technology and data which is constantly updated by Parametrix themselves.
From what we understand, Parametrix Analytics leverages the proprietary cloud monitoring platform and extensive data resources Parametrix has cultivated through its Lloyd’s coverholder business.
With this new service, re/insurers will be able to obtain granular visibility into their portfolios’ cloud exposure.
As a result, these insights will enable precise risk assessment, facilitate mapping of accumulation and aggregation points, and also allow re/insurers to quantify potential financial and insurance losses with confidence.
Moreover, Parametrix Analytics will equip industry figures with essential tools that will allow them to:
- Map accumulation and aggregation points with precision
- Define realistic cloud outage return scenarios (RDSs) based on factors such as cloud service provider, region, and duration
- Implement structured risk transfer strategies within both the ILS and reinsurance frameworks, including parametric and non-parametric approaches, to optimise risk retention, mitigation, and transfer.
“Parametrix is positioned perfectly to foster greenfield market growth in cyber insurance, and more importantly, to continue reducing uncertainty in modeling cloud disaster scenarios,” commented Max Perkins, former Head of Strategy and Innovation for Cyber & Technology at Axis Capital and current advisor to Parametrix Analytics.
“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 modeling to others in the cyber sector,” said Parametrix Chief Commercial Officer Sharon Haran, who will lead the new business unit.
