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Insurance Industry Warned of Nanotechnology Risks

Posted by michael on from the cookie-cutter dept.

SilentScream writes "Cordis reports that major reinsurance company Swiss Re has advised insurance companies that they may need to reconsider covering products manufactured using nanotechnology until more is known about any possible side effects of the technology. The recommendation is detailed in a 57-page report titled 'Nanotechnology - Small matter, many unknowns', which is available on the Swiss Re web site. The report acknowledges that further research is needed but outlines the possible effects of nanotechnology on the human brain and the potential for an asbestos-like threat."

2 of 165 comments (clear)

  1. Re:Yeah right by PhuCknuT · · Score: 5, Informative

    Uhm, they aren't talking about skynet or grey goo or any technophobic BS like that. They're talking about nano-sized dust that could cause problems similar to asbestos when inhaled. It's absolutely a real problem that should be researched.

  2. Poorly researched by bradbury · · Score: 4, Informative
    While it is fine for the insurance industry to want to protect itself it would be better if they actually did quality research. Citing the ETC group or Greenpeace as references seems to suggest a distinctly European bias (Oh no lets avoid technology progress as that would ruin our little socialistic state... It is the same argument that they have invoked against genetic technologies).

    In fact they fail to reference, meaning they probably have not read, the three concrete references on nanotechnology. They are respectively works by Robert Freitas: Nanomedicine Vol. IIA: Biocompatibility, Nanomedicine Vol. I: Basic capabilities and Drexler's Nanosystems. It is worth keeping in mind that all of these are college level textbooks and the popular press and/or the authors of corporate press releases may not bother to read them (unfortunately).

    Any published reports that do not cite these resources (or at least cite sources that cite these resources) can reasonably be assumed to have little or no understanding of nanotechnology and nanomedicine.

    Freitas deals extensively with the biocompatibility problem in Nanomedicine Vol. IIA. and if you do not see a detailed analysis of this volume (which is several hundred pages, extensively referenced) in an insurance risk analysis then that analysis is either misinformed or incomplete. On top of that an insurance analysis should deal with the potential benefits of nanotechnology which include extending the human lifespan to several thousand years. There is no analysis for the insurance industry of the reduced payments for life insurance due to the benefits of the technology. I.e. there is no comparison of the potential downside vs. the potential upside.

    I would suggest that SwissRe has failed to do a complete job in its analysis.