Capacity from Liberty Mutual Reinsurance is backing ShakeNet Parametric, a new earthquake cover available worldwide.

The product uses data from insurtech Safehub’s network of proprietary sensors and government seismic monitoring to provide localised regional shaking maps.  

A spokesperson told insuranceNEWS.com.au ShakeNet Parametric is available internationally, including in quake hotspot New Zealand, and sensor networks can be added in places where current infrastructure is not dense enough. 

“In combination with LM Re’s reinsurance expertise, this technology delivers a new frontier in earthquake risk management,” Safehub CEO Andy Thompson said.  

“We are able to provide the highest-resolution regional shaking maps anywhere in the world.” 

LM Re says ShakeNet Parametric is effective for large portfolios and can support public-private partnerships or sub-layer reinsurance structures. It reduces basis risk for parametric policies to better align payouts with actual losses.