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Daily Insurance Industry News
Sunday 20th of April 2014
December 11, 2007

Lloyd’s leads the way on nanotechnology

by Gill Montia

Story link: Lloyd’s leads the way on nanotechnology

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.

By 2014, 15% of all products could contain nanotechnology but at the same time, it has not yet been finally established whether nanoparticles can prove toxic to humans or be harmful to the environment.

This is partly due to a lack of regulation. There is currently no specific regulation aimed at nanotechnology, which is being regulated under existing categories in technology.

On the positive side, nanotechnology can provide new materials that are strong and adaptive and could advance safety features in, for example, the automotive industry.

The Lighthouse Risk Network is providing a workshop to coincide with the publication of the Lloyd’s report and allow underwriters an opportunity to increase their knowledge of nanotechnologies.

 

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