Liberty Mutual Reinsurance (LM Re) and Safehub have announced the launch of ShakeNet Parametric, a new earthquake parametric insurance solution. The product is underwritten with capacity from LM Re and is triggered by regional shaking data collected at high resolution.
ShakeNet Parametric is built around Safehub’s ShakeNet platform, which integrates data from a growing network of proprietary seismic sensors with information from government seismic networks.
The system produces localized regional shaking maps and is powered by the Global Earthquake Model Foundation’s OpenQuake engine, an open-source hazard modeling framework.
LM Re is also joining the GEM Foundation as a sponsor, building on Safehub’s long-standing support of the organization. This partnership reflects a shared focus on advancing technology and data use in the insurance sector.
Safehub’s technology allows for rapid deployment of sensors, which can be scaled to suit different regions and customer needs. Additional sensors can be installed at specific customer sites to enhance data collection, depending on the coverage of the existing network.
“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,” said Jean-Christophe Garaix (pictured above), head of agriculture and parametrics at LM Re.
The adoption of sensor-triggered parametric earthquake coverage is expanding in the United States, with the University of California previously partnering with LM Re and Safehub to protect its campuses from earthquake damage. This marks the first such deployment of sensor-based parametric earthquake insurance in the US, following earlier rollouts in Mexico and the Caribbean.
LM Re also previously introduced the world’s first sensor-based, parametric reinsurance treaty for earthquake risk in collaboration with XS Global and Safehub. The initial implementation took place in Mexico, where Safehub’s sensor technology was deployed to provide real-time, building-specific data for accurate claims payouts.
Elsewhere, Liberty Mutual has also enhanced its broader reinsurance program for 2025, establishing a US$2.8 billion occurrence limit and aggregate coverage to address both the frequency and severity of catastrophe losses.
The company’s reinsurance structure now includes an aggregate property catastrophe program, providing US$500 million of coverage above a US$2.4 billion aggregate retention, with a US$100 million per-event deductible.
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