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Insurance broker and risk adviser Marsh, a Marsh McLennan business, has been appointed by the Australian government to the Maritime Insurance Program.
The appointment comprises all aspects of the nation’s naval shipbuilding, sustainment and modernisation activities.
As part of the appointment, Marsh will deliver broking and risk advisory services to the Royal Australian Navy’s construction risks insurance program, which will cover the building and expansion of its surface fleet.
The scope of the program may include Australia’s six new Hunter Class frigates, three Hobart Class destroyers, 11 new general-purpose frigates, six new large optionally crewed surface vessels as well as Australia’s naval infrastructure precinct in Osborne, South Australia.
The appointment is an integral part of the government’s plan to increase the size of the Royal Australian Navy’s surface fleet by the 2040s and develop new naval capabilities as outlined in the National Defence Strategy.
“The government’s investment in naval capability represents some of the biggest investments in Australia’s military capability in recent decades,” said David Bidmead, executive chairman of Marsh McLennan Pacific.
“The engagement presents a unique and significant proposition to global insurance markets.
“Through a combination of first-class risk management and highly streamlined administration, the Navy’s Maritime Insurance Program is ideally positioned to drive optimal outcomes for stakeholders.”
Marsh McLennan is reportedly investing significantly in supporting the public sector, including through its Oliver Wyman management consulting business establishing an office in Canberra to complement the existing Marsh presence.
The Oliver Wyman team provides specialised expertise to solve complex government and public sector challenges.
