Liberty Mutual Reinsurance (LM Re), part of Liberty Mutual Insurance Group, has partnered with technology provider Safehub to offer building-specific, sensor-based, parametric earthquake (re)insurance coverage.
The cover, which is available globally, builds on a pilot programme in Mexico City, where it has already been rolled out to 23 strategic locations.
Safehub's seismic sensor technology captures building-specific real-time data at the policyholder’s building location to trigger parametric (re)insurance policies, LM Re said.
Jean-Christophe Garaix, head of agriculture and parametrics at LM Re, said: “This partnership underscores our dedication to delivering innovative (re)insurance solutions that address the evolving needs of our customers.”
Safehub CEO Andy Thompson added: “Earthquake damage is site-specific, with neighbouring buildings potentially experiencing vastly different levels of ground-shaking.
"With this partnership, clients gain access to building-specific data, enabling a more precise alignment of (re)insurance payouts with losses, while also supporting emergency response efforts.”