Liberty Mutual Reinsurance (LM Re), part of Liberty Mutual Insurance Group, and Safehub, a provider of seismic sensor and risk management technology, have launched ShakeNet Parametric, an earthquake parametric insurance solution.
ShakeNet Parametric, supported by LM Re’s capacity, is reportedly triggered by the highest-resolution regional seismic data available worldwide, offering precise, rapid coverage in the event of an earthquake.
“At the heart of this product is Safehub’s ShakeNet, a global solution that integrates data from Safehub’s expanding network of proprietary sensors with existing government seismic networks to generate highly localised regional shaking maps,” LM Re explained.
ShakeNet is powered by the Global Earthquake Model (GEM) Foundation’s OpenQuake engine, an open-source hazard modelling framework. LM Re has also joined GEM as a sponsor.
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According to LM Re, ShakeNet Parametric is effective for large portfolios and is adapted to support public-private partnerships (PPPs) or sub-layer reinsurance structures.
Jean-Christophe Garaix, Head of Agriculture and Parametrics at LM Re, commented, “By combining LM Re’s reinsurance expertise with Safehub’s advanced seismic monitoring and mapping technology, ShakeNet Parametric delivers resilient, science-backed insights that enable faster, smarter earthquake response.
“Our partnership with Safehub underscores LM Re’s commitment to bringing innovative, data-driven solutions to the evolving needs of our clients.”
Andy Thompson, CEO of Safehub, added, “Through our existing sensor networks and our ability to quickly deploy into developing markets, we are able to provide the highest-resolution regional shaking maps anywhere in the world.
“In combination with LM Re’s reinsurance expertise, this technology delivers a new frontier in earthquake risk management.”
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