American International Group, Inc. (AIG) announced an expanded cyber insurance policy. The global insurer has introduced its dedicated Cloud Outage Solution to safeguard its corporate clients. This product helps you avoid serious financial losses from long outages of your cloud service.
Thus, today’s companies require reliable financial coverage against cloud platform outages. Enterprise spending on cloud services was $129 billion by early 2026. Synergy Research Group saw a huge 35% growth rate year over year. Unscheduled downtime can quickly become a threat to operational stability and customer access. The new parametric Cloud Outage Solution tackles these critical infrastructure vulnerabilities head-on.
Parametric coverage also relies on predefined formulas rather than traditional claims adjusting. This policy is then automatically triggered when certain parameters for downtime are met across platforms. Events covered include outages of infrastructure, software-as-a-service, and cloud platforms.
Highlights & Strategic Partnership
Additionally, the Cloud Outage Solution provides policyholders with a number of unique commercial benefits. There is only a short two-hour waiting period on the policy. Furthermore, clients are not obliged to have any monetary retention after this first period. The coverage delivers transparent triggers and accelerated payout processing. Furthermore, enterprises can manage total cyber coverage through a single policy structure.
To power this offering, AIG partnered directly with technology specialist Parametrix. Parametrix tracks over 750 global data centers and 9,000 technology providers. This continuous monitoring ensures objective data evaluation for every Cloud Outage Solution trigger. Consequently, affected businesses receive rapid capital deployment to mitigate operational losses.
Currently, AIG offers the parametric Cloud Outage Solution as an endorsement for eligible U.S. clients.
“As businesses increasingly invest and rely on cloud-based solutions to better serve customers and run critical operations, even a short outage can have significant operational and financial impacts,” said Tracie Grella, Global Chief Underwriting Officer of Cyber Risk Insurance at AIG. “AIG’s Parametric Cloud Outage Solution is designed to give organizations faster access to funds when disruptions occur, helping them respond with greater confidence and certainty while complementing their broader risk management and insurance programs.”
“In today’s environment, carriers and brokers are increasingly looking for ways to bring additional value and innovation to insureds,” said Sharon Haran, Chief Commercial Officer at Parametrix. “Our Cloud Outage Solution creates an opportunity to do exactly that, and we are delighted to work with AIG to bring this solution to their insureds. Leveraging technology and parametric structures, this solution delivers relevant protection for a growing operational risk in a simple, scalable, and economically viable way.”
As a result, adopting a comprehensive Cloud Outage Solution enables companies to bounce back faster from cloud service disruptions.
For related updates on digital trust and cybersecurity, explore our SOC News.
News Source: Businesswire
