Liberty Mutual Re provides sensor-based earthquake reinsurance/insurance services worldwide

Liberty Mutual Reinsurance (Liberty Mutual Re) has announced a partnership with Safehub, an earthquake sensor technology provider, to enable it to offer what it calls a first-to-market, sensor-based building-specific earthquake reinsurance/insurance product available to clients globally. . The use of real-time sensors and their data to create triggers and provide algorithmic inputs for precise, tightly calibrated insurance or reinsurance products is a growing trend that we first wrote about more than a decade ago.

Liberty Mutual Re is already a leader in this space, having announced a frontier earthquake reinsurance treaty that leverages proven sensor data provided through Safehub technology last year.

Now, the partnership is targeting individual risks, which is coverage of building-specific earthquakes that can occur through data from sensors installed in the unit itself.

Today's announcement builds on the success of a pilot program in Mexico City, where the sensor-based parametric risk transfer solution has already been rolled out in 23 strategic locations, with this offering now available worldwide.

What's really interesting about sensor technology and its use in parametric insurance, is how data can be collected from a specific set of sensors to provide broader coverage of the area as well, with sensors becoming increasingly ubiquitous, such as in reinsurance treaties.

Additionally, sensors could become of particular interest to large buyers of earthquake insurance, as large corporate buyers are able to protect certain sites and their employees with products like these, in a similar use case to Google's much-discussed catastrophe bonds.

Jean-Christophe Garrix, Head of Agriculture and Metrology at LM Re, explained: “We are pleased to partner with Safehub to provide our customers with sensor-based parametric earthquake coverage, providing unparalleled protection in earthquake-prone areas.

“This partnership underscores our commitment to providing innovative reinsurance solutions that meet the evolving needs of our clients. Our goal is to provide policyholders with a comprehensive solution, providing faster access to compensation in the face of seismic events.

Andy Thompson, CEO of Safehub, added: “We are delighted to announce our exclusive partnership with LM Re. Earthquake damage is site-specific, with neighboring buildings likely to experience vastly different levels of ground shaking. Through this partnership, customers will have access to building-specific data, allowing for more accurate alignment of (re)insurance payouts to losses, while also supporting emergency response efforts.

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