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Lab-grown meat is not just the latest product for environmentally conscious consumers, it also heralds a new type of agriculture and food product design, which could offer attractive risk profiles for insurers that get to know the science.
This month at Lloyd’s of London, Kennedys’ solicitors Neelam Buck and Emily Clift spoke to the market about wildfire risks, as part of a series on Emerging Risks provided in partnership with the under-35s claims group for Lloyd’s managing agents claims adjusters and Lloyd’s claims brokers (LMA LIIBA U35s).
The newly appointed Head of Innovation at Lloyd’s, Trevor Maynard, has called for the insurance industry to “ramp up” its investment in innovative new products and technologies. Speaking at the Old Library in Lloyd's earlier this year, out of the three emerging risks he highlighted - autonomous vehicles, food system shock and synthetic biology – synthetic biology is probably the most unfamiliar to many insurance professionals.
That will begin to change as the industry develops: in March 2016 synthetic biology was reported to have yielded the first man-made species, created by American entrepreneur J. Craig Venter. Risk professionals will need to catch up quickly.