The nanotechnology industry is increasing in its potential to cure and cause environmental havoc, but can insurers keep up with the risks of a fast-growing market that may generate about one trillion US dollars in the next two years?
"An emerging technology can leave insurers covering risks they never contemplated," states the Casualty Actuarial Society (CAS) in a statement on this revolutionary occupation.
Parr Schoolman, a CAS fellow and senior managing director at Aon Benfield, explains that despite the lack of definitive data on the nanotech industry, an actuary's ability to analyze a situation can help insurers develop a product to cover a futuristic technology that has arrived on society's doorstep.
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