LM Re makes Safehub — triggered quake payout to Mexico government

By Rebecca Delaney Oct 13 (The Insurer) — Liberty Mutual Reinsurance said on Tuesday it had made a parametric earthquake payment to Mexico's federal government, triggered by seismic technology provider Safehub's Shake Network following a magnitude 7.3 earthquake in July. The payout marks the second and largest deployment of LM Re's ShakeNet Parametric solution. The earthquake, which occurred off Mexico's southern coast on July 17, triggered coverage under the Mexican government's parametric earthquake and volcanic risk insurance program within weeks of the policy's inception. Parametric Insurer was the first to report in June that LM Re and Safehub were involved in the program, which is overseen by Mexico's ministry of finance and public credit and administered by state-owned insurance institution Agroasemex. The policy was brokered by Augment Risk and domestic broker TBS. It utilises LM Re's ShakeNet Parametric solution, which uses shaking data from Safehub’s sensor network and the Global Earthquake Model’s OpenQuake engine. During the July 17 event, Safehub sensors recorded shaking within 80 kilometres (50 miles) of the epicentre. The Mexico program represents the largest ShakeNe