Ensuro: Decentralised On-Chain Insurance Capital

2026-07-07

Ensuro is a decentralised capital provider for insurance risk. It uses smart contracts to curate insurance portfolios, connecting insurance risk partners who originate policies with liquidity providers who back them. Investors can earn yield by providing capital to diversified insurance risk pools without needing to understand the insurance business: they supply USDC, Ensuro deploys it into insurance risk, and premiums flow back as yield.

Fees are measured differently here than in most DeFi protocols. The metric is premiums earned minus claims paid during the period. When premiums exceed claims, fees are positive. When claims exceed premiums: as happens in a bad week: the daily fee figure goes negative. This is the honest representation of insurance risk: returns are lumpy and sometimes negative. Revenue is Ensuro's commission retained from net premiums after paying risk partners for originating policies and LPs for providing capital.

The adapter reads PolicyResolved, PolicyExpired, and PremiumsInOut events from Ensuro's EToken and PolicyPool contracts on Polygon and Ethereum. Premiums earned are summed from resolution events; claims paid are subtracted. The protocol commission percentage, set by governance, is applied to derive Ensuro's share. All-time fees stand at $606,700, with recent periods showing negative daily figures due to claims activity: the adapter had to handle signed fee values correctly rather than assuming fees are always positive.

Insurance on-chain is a genuinely underexplored DeFi category. The fee model is fundamentally different from trading or lending: you are tracking actuarial outcomes rather than transaction throughput: and getting the signed arithmetic right was the main challenge in this adapter.

Website: ensuro.co · Twitter: @Ensuroproject