Small size - large impact - Nanowerk

Conclusion
17
A summary of the
6 – 7 December 2004
nanotechnology conference
Small size – large impact
The conference on nanotechnology that took place on 6 – 7 December 2004 was the
first event on the subject to be held at the Centre for Global Dialogue in Rüschlikon.
Opening the conference, Annabelle Hett, Risk Expert, Risk Engineering Services,
Chief Underwriting Office, Swiss Re expressed her satisfaction that the event was
taking place at this relatively early stage in the development of the technology. She
emphasised the need for cross-sectoral international dialogue to ensure the sustainable
introduction of nanotechnology across a broad spectrum of industries, and to address
its potential risks.
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Insuring the unknown
Nanotechnology presents a variety of challenges to the insurance and reinsurance
industry, and several Swiss Re executives were present at the conference to give their
perspective on these challenges.
Insurance acts as a pooling mechanism, a pricing mechanism and a volatility
absorption mechanism for risk, but there are certain guiding principles determining
whether or not a given risk is insurable. John Coomber, CEO, Swiss Re explained
how new technologies present a particular challenge to the insurance and reinsurance
industry in terms of assessability. He stressed the need for openness, transparency
and honesty among the various stakeholders to ensure that the insurance industry
can play a positive role in the future development of nanotechnology.
Opposite:
Nucleus of the carbon atom
10 -14
10 femtometers
Later in the conference, Bruno Porro, Member of the Executive Board and former
Chief Risk Officer, Swiss Re reiterated the challenge presented by nanotechnology
to risk assessment, explaining that this process usually involves knowledge about both
the hazard and exposure. In the case of nanotechnology, knowledge about both is
severely limited, and it is not even certain whether in the long term, it could prove to