In today’s digital age, internet outages can have a significant impact on businesses and individuals alike. This was evident in Russia on Wednesday when a widespread internet outage left thousands of people unable to access major apps and websites, including popular messaging platforms like WhatsApp, iMessage, and Telegram. The disruption also impacted websites like Wikipedia, Skype, and Russia’s public services portal Gosuslugi. Despite the widespread outage, many users found they could still access the affected platforms using a VPN.

This outage highlights the importance of having insurance coverage that can protect against such events. Traditional insurance policies may not cover losses resulting from internet outages, leaving businesses and individuals vulnerable to financial losses. This is where parametric insurance comes in.

Parametric insurance is a type of insurance that pays out when a specific event occurs, such as an earthquake or hurricane. The payout is based on a predetermined trigger, such as the magnitude of the earthquake or the wind speed of the hurricane. This type of insurance is ideal for events that are difficult to predict but have a significant impact on businesses and individuals.

In the case of internet outages, parametric insurance could provide coverage for losses resulting from the outage. For example, a business that relies on online sales could receive a payout if their website is down for a certain amount of time. This coverage could help businesses stay afloat during an outage and prevent them from going bankrupt.

At Riskwolf, we specialize in helping insurance companies develop and operate parametric insurance at scale. Our unique real-time data and dynamic risk modeling enable insurers to build and operate parametric insurance quickly and reliably. With Riskwolf, insurance companies can turn real-time data into insurance, providing coverage for events like internet outages that traditional insurance policies may not cover.

In conclusion, the recent internet outage in Russia highlights the importance of having insurance coverage that can protect against such events. Parametric insurance is an ideal solution for events that are difficult to predict but have a significant impact on businesses and individuals. With Riskwolf, insurance companies can develop and operate parametric insurance quickly and reliably, providing coverage for events like internet outages. To learn more about how Riskwolf can help your insurance company develop parametric insurance, visit our website at Riskwolf.