An insurance collaboration between decentralized protocol Etherisc and microinsurance issuer ACRE Africa has allowed thousands of farmers in Kenya to receive coverage for weather-related risks.
Etherisc and ACRE Africa said they had processed insurance payouts for some of the more than 17,000 smallholder farmers in Kenya covered under the collaboration. The Chainlink Community Grant, the Ethereum Foundation and the Decentralized Insurance Foundation helped fund the project, which was first announced in November 202.
“We’re thrilled that after months of hard work on this initiative, we’re seeing the fruits of our labour — which has a tangible social impact on farmers in Kenya who are threatened by the devastating effects of climate change,” said Etherisc chief inclusive officer Michiel Berende. “The solution that we built with our valued partners at ACRE Africa overcomes a number of challenges associated with traditional crop insurance — delayed payments, high premium costs, and lack of transparency.”
As part of the initiative, smallholder farmers are reportedly able to