The first of its kind system of insurance against hurricanes, based on the blockchain created for Puerto Rico

The first of its kind system of insurance against hurricanes, based on the blockchain created for Puerto Rico

Decentralized insurance platform Etherisc announced the release of its product, intended for eliminating financial consequences of natural disasters in Puerto Rico.

According to the company, in the conduct of insurance policies in the event of hurricanes Etherisc uses smart contracts to get rid of the stress generated by traditional insurance companies.

The need to implement the new policy arose in 2017 after many small businesses and low income households affected by hurricane Maria. In the March report USA Today reported that almost 200,000 families and businesses and this is 16 percent of the inhabitants of the island, still without a roof over your head. People are faced not only with the serious consequences of the storm, but with delays or denials of payments from insurance companies.

“It’s been six months since hurricane Maria, and many residents of Puerto Rico and local entrepreneurs are still waiting for payment of their insurance claims,” said Renat Khasanshin, co-founder Etherisc. “Many had to wait months for the assessment of claims for payment. Residents still remain without a roof over your head, no money for repairs, and without insurance the loss of income. As a result, many just left the island.”

According to the research Center of Puerto Rico due to hurricanes every year, the island leave from 114 000 to 213 000 inhabitants. It is assumed that from 2017 to 2019 in total, the state will leave 470 335 inhabitants.

Etherisc saw an opportunity to help the islanders and to demonstrate what can be achieved when the platform of decentralized insurance. To this end, the platform has teamed up with local developers to create a customized policy that meets the needs of the people of Puerto Rico.

The Protocol is decentralized insurance Etherisc removes the intermediary out of the equation insurance, reducing the cost of insurance premiums. In addition, the Protocol automatiseret bonus calculations and payment of claims, making policy faster and cheaper than traditional insurance. Through the library’s automated smart contracts transactions are recorded in a safe and transparent way.

Stefan karpisek, co-founder Etherisc added:

“Insurance in case of hurricanes embodies our confidence in what you have to do insurance to help people solve real problems and to manage risk in their communities.”

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