Lloyd’s Says Research and Regulation Are Critical Tools to Manage Nanotechnology

On March 27, 2009, Lloyd’s of London issued a news release entitled “Nanotechnology: Balancing Risk and Opportunity.” According to the news release, over the past 18 months, the Lloyd’s Emerging Risks team has been examining the potential threats associated with nanotechnology from an insurance perspective. The release states: “Like others in the insurance industry, Lloyd’s is alert to the potential for nano products to be associated with health and safety risks, whether real or perceived.” According to the release, Lloyd’s believes that research and regulation “are the two critical tools which can help society and its insurers to better understand and manage the potential risks.” Lloyd’s states:

Research should be better co-ordinated, both at a national and an international level, while the many diverse applications of nanotechnology need a coherent regulatory framework.

Both of these are challenges that industry and government need to work on together, and the insurance industry can play a valuable part in this work.