{"id":537,"date":"2024-04-23T10:00:30","date_gmt":"2024-04-23T10:00:30","guid":{"rendered":"http:\/\/www.issyk.me\/?p=537"},"modified":"2024-04-24T15:37:31","modified_gmt":"2024-04-24T15:37:31","slug":"liberty-mutual-re-offers-sensor-based-parametric-earthquake-re-insurance-worldwide","status":"publish","type":"post","link":"http:\/\/www.issyk.me\/index.php\/2024\/04\/23\/liberty-mutual-re-offers-sensor-based-parametric-earthquake-re-insurance-worldwide\/","title":{"rendered":"Liberty Mutual Re offers sensor-based, parametric earthquake re\/insurance worldwide"},"content":{"rendered":"

This content is copyright to www.artemis.bm<\/a> and should not appear anywhere else, or an infringement has occurred.<\/p>\n

Liberty Mutual Reinsurance (Liberty Mutual Re) has announced a partnership with seismic sensor tech-provider Safehub to enable it to offer what it is calling a market-first, a building-specific, sensor-based, parametric earthquake re\/insurance product that is available to clients globally.
\n<\/span>
\n\"seismograph-parametric-trigger-quake\"The use of real-time sensors and their data to construct triggers and provide calculation inputs for accurate and tightly calibrated parametric insurance or reinsurance products, is a growing trend and one we first wrote about well over a decade ago.<\/p>\n

Liberty Mutual Re is already a leader in this space, having announced a parametric reinsurance treaty for earthquakes that takes its trigger from installed sensor data provided through Safehub technology last year<\/a>.<\/p>\n

Now, the partnership is targeting single risks, building-specific earthquake coverage that can be triggered by data from sensors installed in the unit itself.<\/p>\n

Today’s announcement builds on the success of a pilot programme in Mexico City, where this sensor-based parametric risk transfer solution has already been rolled-out for 23 strategic locations, with this offering now available worldwide.<\/p>\n

What’s really interesting about sensor technology and its use in parametric insurance, is how, as sensors become increasingly ubiquitous, data can be collected from a defined array of sensors to provide wider-area coverage as well, such as for reinsurance treaties.<\/p>\n

In addition, sensors could become particularly relevant for large buyers of earthquake insurance, with major corporate buyers able to protect specific sites and their employees using products such as this, in a similar use-case to Google’s much-discussed catastrophe bonds<\/a>.<\/p>\n

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

\u201cThis 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.\u201d<\/p>\n

Andy Thompson, CEO of Safehub, added, “We are excited to announce our exclusive partnership with LM Re. Earthquake damage is site-specific, with neighbouring 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.\u201d<\/p>\n

Liberty Mutual Re offers sensor-based, parametric earthquake re\/insurance worldwide<\/a> was published by: www.Artemis.bm<\/a>
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This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred. Liberty Mutual Reinsurance (Liberty Mutual Re) has announced a partnership with seismic sensor tech-provider Safehub to enable it to offer what it is calling a market-first, a building-specific, sensor-based, parametric earthquake re\/insurance product...<\/p>\n","protected":false},"author":1,"featured_media":539,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[15],"tags":[],"_links":{"self":[{"href":"http:\/\/www.issyk.me\/index.php\/wp-json\/wp\/v2\/posts\/537"}],"collection":[{"href":"http:\/\/www.issyk.me\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.issyk.me\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.issyk.me\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.issyk.me\/index.php\/wp-json\/wp\/v2\/comments?post=537"}],"version-history":[{"count":2,"href":"http:\/\/www.issyk.me\/index.php\/wp-json\/wp\/v2\/posts\/537\/revisions"}],"predecessor-version":[{"id":540,"href":"http:\/\/www.issyk.me\/index.php\/wp-json\/wp\/v2\/posts\/537\/revisions\/540"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.issyk.me\/index.php\/wp-json\/wp\/v2\/media\/539"}],"wp:attachment":[{"href":"http:\/\/www.issyk.me\/index.php\/wp-json\/wp\/v2\/media?parent=537"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.issyk.me\/index.php\/wp-json\/wp\/v2\/categories?post=537"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.issyk.me\/index.php\/wp-json\/wp\/v2\/tags?post=537"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}