Marsh, an insurance broker and risk advisor within Marsh McLennan, has been appointed by the Australian Government to the Maritime Insurance Program (MIP), which encompasses all aspects of the country’s naval shipbuilding, sustainment, and modernisation efforts.

Under the appointment, Marsh will provide broking and risk advisory services to the Royal Australian Navy’s construction risks insurance program, supporting the development and expansion of its surface fleet.

The program’s scope may include Australia’s six new Hunter-class frigates, three Hobart class destroyers, 11 new general-purpose frigates, six Large Optionally Crewed Surface Vessels, and the naval infrastructure precinct in Osborne, South Australia.

The appointment supports the government’s plan to expand the Royal Australian Navy’s surface fleet by the 2040s and deliver new naval capabilities, as outlined in the National Defence Strategy (NDS).

David Bidmead, Executive Chairman of Marsh McLennan Pacific, said, “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 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.”

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