LM Re and Safehub Launch Exclusive Partnership to Provide Global, Sensor-Based Parametric Insurance Solution for Earthquake Risk

LONDON (23 April 2024) – Liberty Mutual Reinsurance (LM Re), part of Liberty Mutual Insurance Group, has today announced an exclusive partnership with Safehub, a technology provider in seismic sensor and risk management solutions to offer a market-first, building-specific, sensor-based, parametric earthquake (re)insurance product to clients globally. 

Building upon the success of a pilot programme in Mexico City, where the sensor-based solution has already been rolled-out for 23 strategic locations to facilitate rapid and accurate payouts to policyholders, LM Re and Safehub are expanding its reach to offer the solution to clients worldwide.

Safehub’s seismic sensor technology captures building-specific real-time data at the policyholder’s building location(s) to trigger parametric (re)insurance policies. The policies are bespoke, offering coverage for specific earthquake event triggers. 

Unlike other parametric products, which rely on general estimates from public agencies, this sensor-based solution offers increased accuracy in assessing earthquake impacts at the building site and therefore reduces the basis risk associated with determining payouts. The parametric product expedites the claims process and policyholders benefit from quicker access to indemnification in the event of an earthquake. Furthermore, policyholders will receive near real-time alerts and rapid damage assessments to facilitate emergency response and business recovery efforts. 

Jean-Christophe Garaix, Head of Agriculture and Parametrics at LM Re, said: “We are delighted to partner with Safehub to provide our clients with sensor-based parametric earthquake coverage, offering unparalleled protection in earthquake-prone regions.

“This partnership underscores our dedication to delivering innovative (re)insurance solutions that address the evolving needs of our customers. Our goal is to provide policyholders with a comprehensive solution, offering quicker access to indemnification in the face of seismic events.”

Andy Thompson, CEO of Safehub, said: 

“We are excited to announce our exclusive partnership with LM Re. Earthquake damage is site-specific, with neighboring 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.”

About Liberty Mutual Reinsurance

Liberty Mutual Reinsurance offers treaty reinsurance solutions across key UK, Europe, Middle East, Asia, US, Bermuda and other international locations. We provide brokers and cedents with property, casualty and specialty reinsurance solutions through both the Company and Lloyd’s markets and have more than 200 employees dedicated to treaty reinsurance in 18 offices globally. 

About Liberty Mutual Insurance  

At Liberty Mutual, we believe progress happens when people feel secure. By providing protection for the unexpected and delivering it with care, we help people embrace today and confidently pursue tomorrow. 

In business since 1912, and headquartered in Boston, today we are the fifth largest global property and casualty insurer based on 2022 gross written premium. We also rank 86 on the Fortune 100 list of largest corporations in the US based on 2022 revenue. As of December 31, 2023, we had $49.4 billion in annual consolidated revenue. 

We employ over 50,000 people in 29 countries and economies around the world. We offer a wide range of insurance products and services, including personal automobile, homeowners, specialty lines, reinsurance, commercial multiple-peril, workers compensation, commercial automobile, general liability, surety, and commercial property. 

About Safehub

Safehub has built the first low-cost, plug & play sensor technology that provides building-specific earthquake damage information in near-real-time. The data triggers insurance payouts and supports rapid damage assessments of buildings. Safehub was founded in 2015 and is based in San Francisco.

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