Cyber threats, nanotechnology, climate change, electromagnetic field radiation (EMF) and human consumables are among the leading emerging risks, according to Suncorp.

Commercial Insurance Specialty Portfolio Executive Manager Chris Stallard says the threats are drawn from a wider range of issues that are raising concern, while also providing opportunities.

“As risks are discovered or created, insurance plays the part of providing a support mechanism to change,” he told the Association for Co-operative Operations Research and Development (ACORD) forum in Sydney.

Climate change risks may include litigation for injury and property damage due to an alleged contribution to global warming, while more liability claims may come from natural catastrophes.

Mr Stallard says cyber risk and cyber terrorism may affect sectors including governments, financial institutions and retailers.

He says a World Economic Forum (WEF) report on emerging risks highlights cyber attacks.

“The world may be only one disruptive technology away from attackers gaining a runaway advantage, meaning the internet would cease to be a trusted medium for communication or commerce,” the WEF report says.

“Fresh thinking at all levels on how to preserve, protect and govern the common good of a trusted cyberspace must be developed.”

Suncorp says nanomaterials, found in products ranging from cars to cosmetics, have unknown long-term effects, and there is little regulation of them.

EMF may have implications for companies including phone manufacturers and producers of electrical or electronic equipment.

Mr Stallard says the “jury is still out” on potential dangers from EMF, despite a successful claim in Italy.

Human consumable risks include exposure to chemicals or compounds that can affect health and the environment. Potential risk areas include food packaging and plastic containers, with concern already driving demand for products that are free from the compound bisphenol-A.

insuranceNEWS.com.au was the exclusive media partner of the ACORD event, held at the Marriott Circular Quay last week.