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Etherisc onboards 17K Kenyan farmers covered by blockchain-based crop insurance

July 21, 2021. Summarized by summa-bot.

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ACRE Africa and Etherisc said they had processed insurance payouts for some of the more than 17,000 smallholder farmers in Kenya who covered their crops for climate-related issues.

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.

“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.

As part of the initiative, smallholder farmers are reportedly able to pay as little as $0. 50 in premiums to receive coverage for crops adversely affected by climate change — Kenya has been previously hit hard by both droughts and flooding.

Though Etherisc and ACRE Africa said they aimed to reach roughly 250,000 farmers in East Africa, some of those already receiving coverage have been paid using an end-to-end solution on the blockchain.

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