Maybe it’s not so much the insurance system that was changed, than something to do with the scarcity-thingy?
Also, I read somewhere that insurance payout is based only on the est. price of minerals required to build the hull. If you’re talking about an Algos, it’s a cheap destro, so insurance is low. If this is about an Astero, then most of it’s bill-of-materials cost comes from components (estimated here at 43,04m out of 43,66m isk) that are not considered in the payout calculation.
Edit: as per reply below mine: EVE U wiki: insurance (not that everything this wiki says is up to date; just that it’s necessarily more reliable than my “I’ve read somewhere”s ; )
The insurance payout is a pre-determined amount for each ship hull, mainly based on the estimated value of the materials required to construct the ship, with other factors playing into the final value to a lesser extent, such as ship type itself. The estimated market value of the ship hull itself is not considered to determine insurance values. The insurance value for all ships is regularly being recalculated to account for market changes in the material markets.