Guy Carpenter Publishes Comprehensive Study on Nanotechnology; Timely Report Addresses Potential Risks and Exposures, Examines Short- and Long-Term Implications for Insurance Industry
Nanotechnology refers to the manipulation of molecules and atoms on a small scale to produce products that exhibit new and/or different properties. Many in the scientific community see nanotechnology as the most significant scientific breakthrough of the 21st century, with the potential to significantly improve existing products, drive innovation and influence people's everyday lives in a number of positive ways.
“With nanotechnology risks currently spread over a wide variety of coverages - and the regulatory environment still in its infancy - there is now a great opportunity for insurers to work with governments to shape a regulatory framework that will foster nanotechnology's positive use while sensibly addressing its risks.”
The National Science Foundation forecasts that $1 trillion in nanotechnology-enabled products will be on the market by 2015. More than $11 billion will be spent on nanotechnology research by corporations and governments this year, according to industry estimates, with a growing number of venture capital and Wall Street firms seeking to make nanotechnology-related investments.
"As with practically all scientific breakthroughs, nanotechnology carries both risks and potential rewards," said Andrew Marcell, Managing Director and global head of Guy Carpenter's Casualty Specialty Practice. "With nanotechnology risks currently spread over a wide variety of coverages - and the regulatory environment still in its infancy - there is now a great opportunity for insurers to work with governments to shape a regulatory framework that will foster nanotechnology's positive use while sensibly addressing its risks."
In addition to providing an overview of the science of nanotechnology and its potential applications, the report addresses:
-- Nanotechnology's potential long term benefits to the global economy, across the manufacturing, environmental, medical and information technology industries.
-- Health, safety and environmental risks associated with nanotechnology.
-- The regulatory environment and the likely evolution of nanotechnology insurance coverage.
Guy Carpenter's dedicated nanotechnology team includes Andrew Marcell, Harry Oellrich, Managing Director and head of the Cyber, Technology and Intellectual Property Practice, and Sandy Hauserman, Senior Vice President and head of Environmental Specialty Practice.
A copy of the full report, Nanotechnology: The Plastics of the 21st Century?, is available for download at www.guycarp.com. Printed copies can be obtained by contacting Guy Carpenter at firstname.lastname@example.org.
Guy Carpenter & Company, Inc. is the world's leading risk and reinsurance specialist and a part of the Marsh & McLennan Companies. Guy Carpenter creates and executes reinsurance and risk management solutions for clients worldwide through 2,600 professionals across the globe. The firm's full breadth of services includes 16 centers of excellence in Accident & Health, Agriculture, Alternative Risk Transfer, Environmental, General Casualty, Investment Banking*, Life & Annuity, Marine & Energy, Professional Liability, Program Manager Solutions, Property, Retrocessional, Structured Risk, Surety, Terror Risk, and Workers Compensation. In addition, Guy Carpenter's Instrat(R) unit utilizes industry-leading quantitative skills and modeling tools that optimize the reinsurance decision-making process and help make the firm's clients more successful. Guy Carpenter's website address is www.guycarp.com.
* Securities or investments, as applicable, are offered in the (i) United States through MMC Securities Corp., a US registered broker-dealer and member NASD/SIPC, and (ii) European Union through Marsh Advanced Risk Solutions Ltd. ("MARS Ltd."), regulated by the Financial Services Authority for the conduct of investment business in the United Kingdom. Reinsurance products are placed through qualified affiliates of Guy Carpenter. MMC Securities Corp. and MARS Ltd. are affiliates of Guy Carpenter.