Major Internet Outage in the Philippines: A New Protection Gap?

As an insurance executive, you know that unexpected events can happen at any time. But have you considered the impact of a major internet outage on your business? The recent outage in the Philippines, which affected major sites like Google, YouTube, Gmail, and Facebook, should serve as a wake-up call for insurance executives everywhere.

According to Downdetector.ph, the outage began at around 4:20 pm and lasted for several hours. PLDT and Smart, two major internet providers in the Philippines, experienced connection issues, while Google and YouTube were completely down. As a result, many businesses and individuals were unable to access important information and services online.

The cause of the outage is still unknown, but it highlights the importance of having insurance coverage for unexpected events. Traditional insurance policies may not cover losses resulting from internet outages, but parametric insurance can provide a solution.

One of our submarine cable partners confirms a loss in some of its internet bandwidth capacity, and thus causing slower internet browsing. We are now working with our partners to provide alternate capacity that would restore the browsing experience in the next few hours. - PLDT released a statement to the ongoing internet problem

Parametric insurance is a type of insurance that pays out when a specific event occurs, such as a natural disaster or a cyber attack. It is based on objective data, such as weather patterns or internet traffic, rather than subjective assessments of damage. This makes it faster and more efficient than traditional insurance, which requires time-consuming claims assessments.

With Riskwolf, you can turn real-time data into insurance. Using unique real-time data and dynamic risk modelling, we enable insurers to build and operate parametric insurance at scale. Simple. Reliable. Fast.

Imagine if your business was affected by the recent internet outage in the Philippines. With parametric insurance, you could have received a payout based on the objective data of the outage, rather than waiting for a traditional insurance claim to be processed. This would have allowed you to quickly recover and get back to business.

The recent internet outage in the Philippines should serve as a wake-up call for insurance executives everywhere. It is a reminder that unexpected events can happen at any time, and that traditional insurance policies may not provide adequate coverage. Parametric insurance is a solution that can provide faster and more efficient coverage for events like internet outages. Don’t wait until it’s too late – contact Riskwolf today to learn more about how we can help you develop parametric insurance for your business.

(Source: Unbox.ph)