Chilean salmon farmers are looking into new insurance models in the aquaculture industry after the spike in premiums caused by the algae bloom, which hit the industry last year.

The insurance market estimates costs for the catastrophe reached around $100 million (€94.7 million), something insurers were not ready to face.

"The value of all aquaculture -- not just salmon -- premiums in the world was around $120 million (€113.7 million), and this one event cost insurers some $100 million (€94.7 million),” Dagfinn Ulriksen, head of aquaculture at Norwegian insurance and reinsurance giant Aon, told IntraFish.

Isabel