Marsh has been appointed by the Australian Government to the Maritime Insurance Program (MIP), which comprises all aspects of Australia’s naval shipbuilding, sustainment and modernisation activities.
“The government’s investment in naval capability represents some of the biggest investments in Australia’s military capability in recent decades. The engagement presents a unique and significant proposition to global insurance markets," Executive Chairman of Marsh McLennan Pacific, David Bidmead, said.
Marsh is an insurance broker and risk advisor, and also a business of Marsh McLennan. As part of the appointment, the company will deliver broking and risk advisory services to the Royal Australian Navy’s (RAN) construction risks insurance program, which will cover the building and expansion of its surface fleet.
"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," Bidmead stated.
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 (LOSV) as well as Australia’s naval infrastructure precinct in Osborne, South Australia.
The appointment is 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 (NDS).