The importance of science and technology to the insurance profession

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The rate of technological change in recent years has been remarkable. Never before has so much information been available to so many people around the world. Science and technology is for example, enhancing the ability of insurance to underwrite diverse risks like climate change, drug trafficking and piracy by providing new and more accurate data streams from which to judge the relative likelihood and impact of various hazards occurring.

In this thinkpiece, the Universities and Science Minister, David Willetts MP, discusses the many links between insurance and information technology in the UK. In his view, the UK's comparative advantage is intrinsically linked to industries like financial services building increasingly strong ties with research and development centres and universities which are at the frontiers of developing new technology.