AUSTRALIA: Insurers reluctant to cover GM industry against potential damage claims
The Insurance Council of Australia (ICA) has dampened the hopes of the biotechnology industry with the revelation that it believes "the unforeseen risks of genetically modified foods may be too high for insurers". The refusal to offer cover against any litigation from consumers will leave GM farmers, and biotechnology and food companies liable for potentially large claims damages themselves. Such claims could involve consumers claiming allergic reactions to GM foods, the cross-contamination of organic crops and the development of mutant weeds, resistant to conventional herbicides.
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