Nanotech risks must be managed

Ireland has a global reputation for leadership in nanotechnology, with three of its largest industries directly impacted by nano-science: Medical devices, pharmaceutical drugs, and information and communications technology.

Worldwide, nanotechnology is a major driver of economic growth and, while its overall contribution to world GDP is disputed, conservative estimates suggest it is a multibillion-dollar sector in high growth. That said, concerns over the risk posed by this emerging technology threaten to derail the bandwagon.

It is difficult to underestimate the potential of insurance in terms of improving the resilience of the commercial entities that make up the commercial nanotech sector and, by extension, its centrality to the very sustainability of that industry. The importance of SMEs at strategic junctures of the value chain of the sector further emphasises the importance of risk transfer.