Liberty Mutual Reinsurance and Safehub have partnered with the University of California to protect campuses from the risk of earthquake damage. It is the first sensor-triggered parametric earthquake coverage to be purchased in the US.

Under the policy, claims are triggered and settled based on measurements from a total of 180 Safehub sensors installed across multiple UC locations. Specifically, peak spectral acceleration values observed by Safehub’s sensors at UC locations are used to trigger and settle claims.

In total, the number of Safehub sensors being installed across UC campuses exceeds the number of earthquake sensors that the state of California has installed in all buildings statewide.

Jean-Christophe Garaix, head of agriculture and parametrics at LM Re, said: “We are delighted to partner with Safehub to provide the University of California with sensor-based parametric earthquake coverage, offering unparalleled protection to earthquake damages.

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

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

Liberty Mutual Re acted as the insurer, with additional reinsurance capacity from Munich Re. Alliant brokered the deal, with Howden also involved in the placement.

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