Insurance giant: ‘Land-based is very much a loss business’

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.