University of California Purchases Sensor-Triggered Earthquake Parametric Policy

What is being called the first sensor-triggered earthquake parametric insurance policy in the U.S. was purchased by The University of California.

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

LM Re and Safehub’s bespoke sensor-triggered policies have previously been rolled out in Mexico and the Caribbean.

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.

Under the policy, claims are triggered and settled based on measurements from 180 Safehub sensors installed across multiple UC locations.

Topics California Catastrophe Natural Disasters Education Universities