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December 11th, 2007
Lloyd's has published a report on nanotechnology, which is a field of applied science and technology that works on the control of matter on the atomic and molecular level.
The technology is already in use worldwide. For example in the textile industry, nanoparticles are being embedded in fabric to create stain-resistant cloth and the nanocomposite tennis ball, with an enhanced capacity to bounce, already exist.
Scientists expect materials incorporating nanotechnology to be as widely used as plastics; however, risk assessment of the technology is lagging behind.
The Lloyd's report aims to update the insurance sector and wider industry about the risks and opportunities that exist in the area.
It urges the insurance industry to learn about nanotechnology for a number of reasons, including its enormous potential.
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