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AIG and Parametrix launch parametric cloud outage cyber coverage
The offering uses a formula tied to cloud downtime and aims to cut the waiting period to about two hours for eligible U.S. cyber clients.
American International Group, Inc. (AIG) launched a new Parametric Cloud Outage Solution with Parametrix to provide additional cyber protection tied to business interruption losses from cloud service outages and cloud provider downtime. The coverage is structured around a predefined parametric formula that evaluates cloud service downtime and the associated potential financial impact, with events that may include outages affecting cloud infrastructure, software-as-a-service platforms, or other cloud-based technology services, subject to policy terms and conditions.
AIG said the solution is based on Parametrix’s monitoring of more than 750 data centres worldwide, along with tracking of over 9,000 software and other technology providers. The company also described operational features including an about two-hour waiting period, no monetary retention following that waiting period, and rapid claims assessment and payout, with cyber and cloud outage coverage managed through a single insurance policy.
The solution is currently available in the United States as an endorsement for eligible AIG cyber clients. AIG linked the launch to increased enterprise spending on cloud infrastructure services, citing Synergy Research Group data that global enterprise spending on cloud infrastructure services rose 35% year over year to USD 129 billion in the first quarter of 2026.