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November 23rd, 2007
Nanotechnology, the branch of science and technology which is dependent upon the manipulation of objects at a molecular or atomic level, is now used by many industries across the globe. Some believe the technology has the power to transform life as we know it but there are also concerns that the pace of change is too fast and unregulated. So what does nanotechnology mean for the insurance industry?
At best, insurers may have new products to insure made with safer materials that lead to lower insurance losses. At worst, nanotechnology could lead to unexpected life, health and workers compensation and physical damage and pollution losses.
The Lloyd's Emerging Risks team is launching a report in December looking at nanotechnology and alongside the report the Lighthill Risk Network is holding a conference where leading scientists and legal experts will share their knowledge. The conference, entitled ‘Risks and Opportunities of Nanotechnology', will take place on Monday 10 December in the Old Library at Lloyd's.
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