Shrub Receives Chainlink Grant to Bring Parametric Disaster Insurance to Uninsured Populations

When disaster strikes, an individual’s economic destiny can be permanently altered at a moment’s notice. Catastrophic events like floods, earthquakes, landslides, droughts, and wildfires are increasing in frequency too as climate change continues to take effect. In 2020 alone, global losses from natural catastrophes totaled $210 billion dollars. Yet, many regions in the world still do not have access to insurance products—meaning hundreds of millions of people cannot protect their families or businesses from financial hardships due to natural disasters.

In support of more globally accessible and affordable insurance solutions, the Chainlink Community Grants Program is pleased to award a social impact grant to Shrub—a peer-to-peer parametric insurance marketplace on the blockchain based on an initial prototype developed at the Spring 2021 Chainlink Hackathon. Starting with earthquake and hurricane insurance, Shrub enables users from around the world to purchase or sell disaster coverage to hedge against unforeseen catastrophic events with nothing more than an Internet connection.

Shrub showcases Chainlink’s continued commitment to both supporting social impact initiatives and creating a pipeline where individual developers can go from community members to launching world-changing projects in production. For example, Shrub was able to use the Chainlink Hackathon to learn how to build hybrid smart contract applications, win prizes for submitting an innovative MVP, and now access direct financial support through the Chainlink Community Grants Program to build out their solution and solve a real world problem.

Through Chainlink grant support, Shrub will be able to access the resources necessary to launch their product live in production, penetrate target markets, and make a more meaningful impact in the world. Not only will the grant enable several improvements to the Shrub platform, but it will fund development of open-source weather data tools that can be leveraged by the entire Chainlink ecosystem. Some of ...

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