Together, the companies are introducing a groundbreaking, building-specific, sensor-based parametric earthquake (re)insurance product for clients worldwide.
Building on a successful pilot program in Mexico City, which deployed the sensor-based solution across 23 strategic locations to ensure rapid and precise payouts to policyholders, LM Re and Safehub are now expanding their collaboration globally.
Safehub’s seismic sensor technology provides real-time, building-specific data at the policyholder’s location, activating parametric (re)insurance policies. These customised policies offer coverage for specific earthquake event triggers, setting them apart from traditional parametric products that depend on general estimates from public agencies.
The innovative solution enhances the precision of earthquake impact assessments at building sites, minimising basis risk and expediting claims processing. Policyholders gain quicker access to indemnification following an earthquake, along with near real-time alerts and rapid damage assessments to support emergency response and business recovery efforts.
Jean-Christophe Garaix, Head of Agriculture and Parametrics at LM Re: “We are delighted to partner with Safehub to provide our clients with sensor-based parametric earthquake coverage, offering unparalleled protection in earthquake-prone regions. This 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.”
Andy Thompson, CEO of Safehub also commented, saying: “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.”
He added: ”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.”
