Land-based fish farming, or more generally speaking recirculating aquaculture systems (RAS), are incredibly difficult to insure and “very much a loss business, " according to Geir Myre, global head of aquaculture at insurance heavyweight AXA XL Catlin. The company is currently insuring aquaculture projects in 30 countries, in the Nordics, the United Kingdom, Chile and Canada among others, with 60 percent in salmon, 30 percent in sea bass and seabream and 10 percent in other species. “Insurance is calculated gambling, but we have already been through some large claims for RAS,” said Myre. However, Myre said it is strange that RAS is so difficult to insure, when you can insure taste buds if your profession involves taste, fingers if you are a master at yoyo, or being kidnapped by aliens. " So why is RAS so difficult?
Insurance giant: ‘Land-based is very much a loss business’
RAS counts for less than 2% of premiums but 5% of claims.