UC partners with Liberty Mutual Re and Safehub for earthquake protection

University of California partners with Liberty Mutual Re and Safehub for earthquake protection | Insurance Business America Reinsurance UC partners with Liberty Mutual Re and Safehub for earthquake protection, a pivotal step for reinsurance in the insurance industry

By Jonalyn Cueto

Liberty Mutual Reinsurance (LM Re) and Safehub have teamed up with the University of California (UC) to provide an innovative solution aimed at protecting its campus from earthquake damage.

The agreement, which represents the first sensor-triggered parametric earthquake coverage purchased in the United States, comes as part of an ongoing effort by LM Re and Safehub to expand the range of technology-based earthquake insurance products globally. According to a press release, the partnership builds on previous successes in Mexico and the Caribbean, where similar sensor-based insurance policies have been successfully rolled out.

Under the policy, LM Re, with reinsurance support from Munich Re, will provide coverage triggered by real-time data collected from 180 seismic sensors installed across various UCLA campuses. Developed by Safehub, these sensors measure peak spectral acceleration (PSA) to determine the intensity of an earthquake's impact. When PSA values ​​exceed a pre-defined threshold, the system automatically triggers claims, allowing quick and accurate adjustments based on actual seismic conditions rather than relying on general estimates.

Protection from earthquake damage

The press release highlighted that the UC System's adoption of this technology not only ensures more accurate damage assessments, but also provides faster payments for repairs and recovery in the event of an earthquake. The number of Safehub sensors deployed across UC campuses has been described as exceeding the total number of seismic sensors currently installed statewide in California.

Jean-Christophe Garrix, Head of Agriculture and Metrology at LM Re, stressed the importance of this partnership. “We are pleased to partner with Safehub to provide UCLA with sensor-based parametric earthquake coverage, providing unparalleled protection against earthquake damage,” Garrix said. “Our goal is to expand our reach to provide policyholders around the world with this comprehensive solution.”

LM Re noted that the technology not only helps in speedy claims processing but also provides near real-time insights into damage to buildings. The sensors provide UC officials with critical data to bolster emergency response efforts following an earthquake, potentially reducing recovery time and costs.

Andy Thompson, CEO of Safehub, said: “Together with Liberty Mutual Re, we are excited to work with UCLA and its individual campuses to support earthquake recovery at these prestigious academic institutions.”

A step forward for the industry

In addition to the direct benefits of UC, the partnership is also seen as a step forward in the evolution of parametric insurance.

Michael Roth, Head of Public Sector Practice at Munich Re Capital Partners, commented: “Munich Re supports and drives innovation in parametric risk transfer around the world. Reducing fundamental risk using sensors in parametric insurance provides a strong value proposition.

“UC is an organization built on innovation and continuous improvement,” added David Evans, senior vice president at Alliant Specialty, the broker in charge of the placement. “By integrating sensors into their earthquake insurance mode, they have obtained critical real-time building data across all campuses and centers.” This is expected to reduce disaster recovery times and costs and enhance the university's resilience.

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