Synthetic biology, the application of engineering principles to genetic modification is a market forecast to grow to $39bn by 2020. In recent years scientists have been applying engineering principles to biology, creating functions that do not exist in nature to prevent and treat disease, create materials and energy sources, make crops more resistant and even support space exploration.
As this market develops the risk profile is changing. Commercialisation and digitalisation of research are enabling faster adoption and with further developments on the horizon, it is critical for insurers to consider the associated risks and opportunities.
To help the Lloyd’s market understand this rapidly evolving technology, Lloyd’s has worked with Drs John Heap and Karen Polizzi of Imperial College London, who provided their independent opinion, to produce ‘A new lease of life’.