--- title: Mantas Is Turning Cloud Outages Into an Insurable Financial Risk description: Cloud outages from AWS and Azure expose costly gaps in cover. Mantas’ parametric insurance delivers swift payouts and risk intelligence for MENA and beyond. author: Darie Nani (Editor-in-Chief) date: 2026-01-27T12:02:52.000Z updated: 2026-03-31T13:19:58.968Z canonical: https://www.sovereignmagazine.com/article/mantas-is-turning-cloud-outages-into-an-insurable-financial-risk image: https://cdn.nanimediahouse.com/Mantas-underwriting-dashboard_-the-broker-protal.webp categories: FinTech content_type: Spotlight region: Middle East & Africa publication: Sovereign Magazine about: - type: Organization name: Mantas description: "Mantas, derived from Latin for ‘security blanket’, embodies the company’s mission to protect businesses against cyber risk. Mantas provides tailored cloud outage insurance and predictive analytics that help businesses mitigate cloud downtime risks. Their parametric solutions ensure uninterrupted operations for cloud-dependent businesses, including financial institutions, e-commerce platforms, SaaS providers, and digital enterprises. For more information please visit: https://mantas.ai/" url: https://mantas.ai/ sameAs: - https://x.com/mantasinsurance, https://www.linkedin.com/company/mantasins/ --- On 20 October 2025, a 15-hour outage in AWS’s US-EAST-1 region disrupted over 113 services. This incident cost businesses an estimated $38 million to $581 million in lost transactions and halted operations. Nine days later, an eight-hour Azure outage caused global disruptions, with financial losses ranging from $4.8 billion to $16 billion. [Traditional insurance policies](https://www.sovereignmagazine.com/article/why-a16z-just-rushed-25-million-into-furtherai-and-insurance-s-least-sexy-problem) offered limited coverage for these incidents, leaving businesses exposed to significant financial risks. ![Basil Mimi Founder and CEO of Mantas 1024x1024](https://cdn.nanimediahouse.com/Basil-Mimi-Founder-and-CEO-of-Mantas-1024x1024.webp) [Cloud adoption](https://www.sovereignmagazine.com/article/why-startups-burning-cash-on-cloud-are-rethinking-data-centres-in-2025) in the MENA region is projected to reach 45% by 2025. Annual spending on public cloud services is expected to hit $3.9 billion by 2027, growing at a compound annual growth rate (CAGR) of 23.4%. According to a [PwC study](https://www.pwc.com/mena/cloud-risk-report-2025), financial losses from cloud outages in MENA could exceed $1 billion annually by 2025. Cloud infrastructure supports modern business operations, but financial tools to mitigate its failures remain underdeveloped. Traditional insurance policies often exclude or limit coverage for digital risks. This forces businesses to absorb losses that can range from $10,000 to over $1 million per incident. [Service-level agreements](https://www.sovereignmagazine.com/article/tech-firms-get-a-straightforward-solution-for-complex-risks-seedpod-cyber-s-combined-e-o-and-) with cloud providers typically compensate only a fraction of the actual financial damage. A 2025 survey of financial executives revealed that only 20% felt fully prepared to respond to outages, even though their organisations endured an average of 86 hours of downtime annually. ## Why Cloud Downtime Remains Largely Uninsured The UAE and Saudi Arabia lead cloud adoption in the MENA region, with adoption rates exceeding 50% in 2025. As businesses transition to cloud-first operations, financial protection has not kept pace with technological reliance. [Mantas](#about-mantas), a Dubai-based insurtech startup, offers a parametric insurance product for cloud outages. The product triggers automatic payouts when predefined conditions, such as a verified cloud outage, are met. This model provides immediate liquidity, allowing businesses to respond and recover without delays. “Cloud downtime is one of the largest unpriced liabilities in the digital economy,” said Basil Mimi, CEO and co-founder of Mantas. “Businesses have engineered their systems for scale and speed. However, the financial layer has not kept up. Parametric insurance allows us to turn cloud outages into a measurable and insurable risk, giving companies certainty when they need it most.” Mantas’ coverage targets digital-first companies, including fintechs, airlines, e-commerce platforms, and SaaS providers. The company also provides risk intelligence to help businesses understand their exposure and strengthen infrastructure decisions. The global parametric insurance market, valued at $23.85 billion in 2026, is projected to grow at a CAGR of 12.6% through 2034. Mantas’ $1.77 million seed funding round, backed by investors like Nuwa Capital, Suhail Ventures, and Plus VC, supports this growth. “Downtime is often treated as a technical issue. For digital businesses, though, it is a financial one,” said Arnav Danthi, Principal at Nuwa Capital. “Mantas ties insurance coverage directly to how infrastructure behaves in the real world, rather than how it is described on paper.” Hasan Haider, Founder and Managing Partner at Plus VC, said, “Mantas combines tailored coverage with predictive analytics to address cloud downtime. This is one of today’s most critical risks. The team’s expertise translates complex risk data into actionable insights that help businesses mitigate exposure.” As cloud architectures become more interconnected, failures increasingly cascade across services. Parametric insurance, with its speed and transparency, addresses these challenges. For businesses in the MENA region and North America, this model provides a safety net. Mantas plans to expand its platform to cover emerging digital risks, such as [AI infrastructure failures](https://www.sovereignmagazine.com/article/seven-hundred-basis-points-how-pibit-ai-is-turning-an-insurance-talent-crisis-into-profit). It also aims to enhance its real-time monitoring and risk intelligence capabilities. “The combination of Mantas’ real-time analytics with parametric insurance will help companies minimise losses from cyber threats and cloud outages,” said Ayat Alsabbagh, Principal of Suhail Ventures. For businesses relying on continuous cloud availability, outages represent a financial risk. Mantas fills a gap in the market by offering parametric insurance tailored for cloud outages. This provides financial certainty in a cloud-dependent world. ## Further Context **Q: What is parametric insurance?** Parametric insurance is a type of coverage that triggers automatic payouts when predefined conditions, such as a verified cloud outage, are met. This model provides immediate liquidity, allowing businesses to respond and recover without delays. **Q: How does Mantas address cloud outage risks?** Mantas offers parametric insurance products specifically designed for cloud outages. These products provide automatic payouts when predefined conditions are met, ensuring businesses receive financial support during disruptions. **Q: Why is parametric insurance important for digital businesses?** Parametric insurance is crucial for digital businesses because it provides immediate financial support during outages, reducing the impact of downtime. Traditional insurance policies often exclude or limit coverage for digital risks, leaving businesses vulnerable. **About Mantas** Mantas, derived from Latin for ‘security blanket’, embodies the company’s mission to protect businesses against cyber risk. Mantas provides tailored cloud outage insurance and predictive analytics that help businesses mitigate cloud downtime risks. Their parametric solutions ensure uninterrupted operations for cloud-dependent businesses, including financial institutions, e-commerce platforms, SaaS providers, and digital enterprises. For more information please visit: https://mantas.ai/ [Website](https://mantas.ai/)