Marsh Secures Role in Australian Navy's Maritime Insurance Program

The MIP encompasses coverage for ship construction and sustainment, reflecting a core component of the government's broader national defence goals. Under the agreement, Marsh will be responsible for coordinating risk placement and advising on insurance for the Navy's shipbuilding projects. Assets potentially covered under the program include a fleet of six Hunter-class frigates, three Hobart-class air warfare destroyers, eleven proposed multi-role frigates, and six optionally crewed large surface vessels.

This appointment also coincides with Marsh McLennan’s broader expansion within the Australian public sector. Its consultancy unit, Oliver Wyman, has recently established a presence in Canberra to complement Marsh’s existing operations and provide advisory services across government portfolios.

For the broader marine industry, including recreational sectors like jet skiing, such developments highlight the growing emphasis on comprehensive risk management and insurance solutions. As the marine sector continues to expand, the involvement of experienced brokers like Marsh underscores the importance of tailored insurance products that address the unique challenges and opportunities within the industry.