Descartes expands globally and introduces parametric cyber risk solution in France

Insurance
08/02/2024 News

Since its inception in 2018, Descartes has been dedicated to providing financial protection against natural catastrophes and climate risks worldwide. With offices across North America, Asia-Pacific, Australia, Europe, and the UK, the company is poised for significant growth in 2024, targeting over 50% expansion and premiums exceeding $200 million, with a substantial portion from the United States. With a team of natural peril specialists and proprietary models, Descartes aims to reach $500 million in annual premiums in the coming years.

Having established itself with fourteen offices in nine countries and partnerships with over 400 corporates and institutions globally, Descartes is now venturing into new territory by launching the first parametric cyber risk solution in France. This solution, developed in collaboration with industry experts, offers coverage for small and medium-sized businesses vulnerable to ransomware attacks, providing compensation for business interruption and operating losses.

The launch of Descartes' parametric Cyber Shutdown Cover is a significant milestone, reflecting the company's commitment to addressing emerging risks beyond climate hazards. By leveraging data and algorithms, Descartes aims to provide innovative solutions tailored to the evolving needs of businesses facing cyber threats.

With cybersecurity becoming increasingly crucial for businesses, Descartes' Cyber Shutdown Cover offers a timely and effective solution, aligning with the upcoming NIS2 directive aimed at strengthening the cyber maturity of European companies. The model reflects Descartes' commitment to supporting businesses in mitigating cyber risks and enhancing resilience in the face of emerging threats.

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