Tokio Marine Kiln research highlights insurance gap facing FemHealth founders
Insurance is key to unlocking growth of the £28 billion global sector, according to a new report from insurer Tokio Marine Kiln (TMK)
47 Female Health (FemHealth) founders have collaborated with Tokio Marine Kiln to produce its ‘Unlocking Innovation in FemHealth’ report, outlining a triple threat facing the sector across insurance, investment and digital censorship
📌 Three-quarters (76%) of FemHealth founders have struggled to get insurance
📌 Policies are described as ‘confusing’, with over a third (34%) of founders saying they face challenging exclusions
📌 Lack of understanding of the sector is inhibiting growth
📌 TMK's IntelliMed Life Sciences insurance product - the first to cover Life Sciences, Cyber and IP risks under one policy in the Lloyd’s market- is designed by experts who understand this unique risk landscape
Tokio Marine Kiln (TMK), a leading international insurer, today releases a new report that demonstrates the market opportunity for brokers and insurers in supporting ‘FemHealth’ founders - women’s health start-ups.
The report findings, based on one-to-one interviews with 47 founders of FemHealth businesses, show that while the sector is anticipated to more than triple from $28 billion to $103 billion by 2030, over three quarters (76%) struggled to secure vital insurance for their businesses. This, in turn, is cited as being inhibitive to the pace at which founders can bring their products and services to market.
More than half of the participants (56%) said the cost of insurance was prohibitive, in addition to 51% who said the process was complex. More than a third said broker and underwriter's understanding of the specific and unique risks of this sector (42% and 39% respectively) was a barrier. Some 39% also said underwriters had no appetite for these risks, while 34% said they faced challenging exclusions in their policies.
FemHealth firms support women with menstruation, contraception, fertility, pregnancy, and menopause, as well as breast, pelvic, and sexual health and conditions that affect women disproportionately or differently, such as osteoporosis, autoimmune disease, heart attacks, and stroke. Without insurance, founders cannot secure investment, run clinical trials, or market products – inhibiting their ability to bring much-needed innovations to market.
With founders describing insurance as ‘confusing’ and ‘archaic’, there is a clear opportunity for the industry to increase understanding of the risks these businesses face, demystify policies and address this challenge to contribute to the growth of a sector that is so vital for female health in the UK.
TMK’s research also highlighted that FemHealth businesses face barriers to accessing funding and with digital censorship.
TMK’s bespoke Life Sciences insurance product – IntelliMed – is designed by experts who understand this unique risk landscape and cover Life Sciences liability risks together with Cyber and IP under one policy, simplifying the process for businesses and reducing the risk of coverage gaps. The product covers a range of sectors, from FemHealth to biotechnology, pharmaceuticals, smart medical devices and telemedicine.
Kirsten Shastri, Head of Life Sciences at Tokio Marine Kiln, comments: “FemHealth is an exciting and fast-growing sector that needs our knowledge and expertise to thrive and insurance needs to keep pace with innovation. TMK is committed to working with our industry partners to highlight these issues and bridge the knowledge gap around women’s health so we can help bring more of these businesses’ much-needed innovations to market. Our bespoke IntelliMed product is proving to be a key enabler for businesses like these, and this is just the start. Raising awareness and understanding of these issues will open doors for these founders, our industry, our customers and society at large, who will ultimately benefit from the advances they make.”
To find out more, view the report at www.tmkiln.com/femhealth
About Tokio Marine Kiln
Tokio Marine Kiln is a leading specialist insurance underwriting business operating in the Lloyd’s insurance market. Through our operations in the UK, US (Tokio Marine Highland) and Asia Pacific, and as part of one of the world’s largest insurance groups, Tokio Marine, we protect customers around the world against complex and ever-changing risks. We have seven underwriting teams focused on Property & Motor; Liability (including Life Sciences); Aviation; Cyber & Enterprise Risk; Marine & Energy; Special Risks; and Portfolio Solutions, which are complemented by our “outstanding” Claims service. Together, we enable our clients to fulfil their ambitions for a better tomorrow. Tokio Marine Kiln benefits from a Standard & Poor’s rating of AA- for its Lloyd’s syndicates. For more information, visit www.tmkiln.com.
Press contacts
Laura Guerin, Head of Marketing & Communications, Tokio Marine Kiln
Laura.Guerin@tokiomarinekiln.com
MHP Group
About IntelliMed
TMK’s IntelliMed product was designed by experts with scientific knowledge and deep underwriting expertise and is the first insurance policy in Lloyd’s market to include Life Sciences, cyber, and intellectual property coverage under one policy, simplifying the process for clients and reducing the risk of coverage gaps. We pride ourselves on providing bespoke cover for companies that develop brand-new inventions such as that seen in the world of MedTech, FemHealth, smart medical device manufacturing, telemedicine, apps, wellness, biotechnology and the repurposing of pharmaceuticals. For information, contact Kirsten Shastri at kirsten.shastri@tmkiln.com