UC Parametric Earthquake Cover &

As everyone in the insurance world knows, California is a high-risk state; Asset appreciation, wildfires and earthquakes are just some of the factors that affect property coverage. Here's the word from Liberty who are working with Safehub and the University of California, to try to speed up payment for damages from the earthquake occurring on campus.

Liberty Mutual Reinsurance (LM Re), part of Liberty Mutual Insurance Group, and Safehub, a technology provider of earthquake sensing and risk management solutions, have partnered with the University of California (UC) to protect its campus from the risk of earthquake damage.

The partnership builds on the success of LM Re and Safehub's sensor-detailed policies previously rolled out in Mexico and the Caribbean. UC Coverage is the first sensor-triggered parametric seismic coverage purchased in the United States as LM Re and Safehub continue to expand their reach to provide the solution worldwide.

Liberty Mutual Re acted as underwriter, with additional reinsurance capacity from Munich Re. Alliant brokered the deal, and Howden also participated in the offering.

Under this policy, claims are triggered and settled based on measurements from a total of 180 Safehub sensors installed across multiple UC sites. Specifically, peak spectral acceleration (PSA) values ​​observed by Safehub sensors at UC sites are used to initiate and settle claims. In total, the number of Safehub sensors installed across UC campuses exceeds the number of seismic sensors that the State of California has installed in all buildings statewide.

While other parametric products rely on general estimates from public agencies, this sensor-based solution provides increased accuracy in assessing earthquake impacts at a construction site, reducing the fundamental risks associated with determining payments. The product speeds up the claims process, allowing UC to benefit from quick access to compensation in the event of an earthquake. Furthermore, UC will have access to near real-time damage information from all 180 sensors deployed to facilitate emergency response.

“We are delighted to partner with Safehub to provide UC with sensor-based parametric earthquake coverage, providing unparalleled earthquake damage protection,” said Jean-Christophe Garrix, Head of Agriculture and Metrology at LM Re.

“Our goal is to expand our reach to provide policyholders around the world with this comprehensive solution, building on the success we have had in Mexico and the Caribbean.”

“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,” said Andy Thompson, CEO of Safehub.

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