Ernst & Young LLP is predicting a rise in demand for certain types of insurance, such as cyber and nanotechnology.
The consulting firm announced Tuesday the release of the EY 2014 US Property-Casualty Insurance Outlook, which recommends that P&C carriers “invest in innovation of product development processes and delivery to meet rising demand for protection.”
For example, according to the report, a lack of “any meaningful history” with nanotechnology indicates that potential risks are not easy to assess.
“The emerging applications of nanotechnology in the manufacture or use of medicine, cosmetics, drug delivery, robotics, materials science and other products and systems create potential liability exposures,” EY noted. “Examples include bodily injury (analogous to asbestos exposure) and environmental damage from nanoparticles escaping uncontrolled into the air or water supply.”
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