University of California purchases parametric policy for sensor-triggered earthquakes

What is being called the first parametric sensor-triggered earthquake insurance policy in the US has been purchased by the University of California.

Liberty Mutual Reinsurance, part of Liberty Mutual Insurance Group, and Safehub, a technology provider in seismic sensors and risk management solutions, have partnered with the University of California to protect campuses from the risk of earthquake damage.

LM Re and Safehub’s sensor-triggered personalized policies were previously launched in Mexico and the Caribbean.

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

As per the policy, complaints are triggered and resolved based on measurements from 180 Safehub sensors installed at multiple UC locations.

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Catastrophe California Natural Disasters Education Universities Earthquake