Liberty Mutual Reinsurance has partnered with Safehub to offer sensor-based parametric earthquake insurance worldwide.

The pair are offering building-specific quake coverage that can be triggered by data from installed sensors.

“Our goal is to provide policyholders with a comprehensive solution, offering quicker access to indemnification in the face of seismic events,” Liberty Mutual Re Head of Agriculture and Parametrics Jean-Christophe Garaix said. 

A pilot program in Mexico City installed the solution in 23 locations, and it is now available worldwide.

Risk management technology company Safehub’s CEO Andy Thompson says earthquake damage is site-specific, with neighbouring buildings potentially experiencing vastly different levels of disturbance.

“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,” he said.

Parametric agreements offer predefined payouts based on events that trigger the policy. They respond quickly because there are no loss adjusters and no claims debate.