ANZ Insurance Industry Update – Executive Moves and Market Trends 2025
2025 Highlights
The insurance sector across Australia and New Zealand has seen significant executive movements this year. QBE announced that CFO Inder Singh will depart after a long tenure, having served as CFO since 2018. Suncorp confirmed that Chair Christine McLoughlin AM will retire at the conclusion of the September AGM, with Duncan West elected as her successor. IAG appointed JoAnne Stephenson as an Independent Non-Executive Director in May. Medibank announced board renewal, with David Fagan and Linda Nicholls AO to retire at the November AGM. Together, these changes point to a broader theme of leadership renewal and a sharpened strategic focus across the majors.
Health Insurance: Stability Amid Rising Demand and Cost Pressures
Leadership among health insurers has remained relatively stable through 2025, enabling focus on growth, customer value and innovation. Hospital treatment cover reached 45.3 percent of Australians as at March 2025. The Government approved an industry average premium rise of 3.73 percent from April, with nib among the larger increases at 5.79 percent.
Affordability concerns are evident. More than 216,000 policies were downgraded in the first half of 2024, and media reports noted over 400,000 people shifted from Gold to Silver or Bronze tiers between late 2020 and 2023. Younger cohorts are the most likely to consider cancelling or scaling back their cover. Coverage is holding up, but perceived value is under pressure. Clear communication on benefits versus cost, combined with investment in digital service and customer experience, will be critical to retention in the year ahead.
General Insurance: Transitions and Resilience
General insurers have also seen leadership changes. Suncorp is transitioning its chairmanship, whilst IAG has strengthened board expertise. Overall, the sector remains resilient. For the first half of FY25, Suncorp reported gross written premium of A$7.5 billion, up almost nine percent year on year, with relatively benign natural peril activity supporting results. Insurers continue to reinvest in claims technology and customer experience as they seek efficiency gains and stronger underwriting outcomes.
Reinsurance: A Buyer’s Market
After two tight years, conditions are more favourable for buyers in 2025. Global reinsurer capital reached about US$720 billion in the first quarter, supported by retained earnings and alternative capital. Mid-year renewals saw improved pricing and broad capacity across Australia and New Zealand. Approximately 95 percent of property catastrophe programs renewed successfully at mid-year. Catastrophe bond issuance reached record levels in the first quarter, and outstanding market volumes hit new highs. Cedents have greater flexibility to reassess retentions and explore alternative structures while conditions remain supportive, though programs with adverse loss histories still face stricter terms.
On a Personal Note
Insurance is not just a business for me. It is part of my family’s story. My relatives have worked for generations at Albion Agencies, an independent brokerage serving my hometown since the 1840s. I was also inspired by my father’s friend and classmate John Paganelli, who rose to be CEO of Transamerica Life Insurance after more than twenty years at Penn Mutual. His achievements and integrity shaped my early sense of what leadership in insurance can look like.
Each time I speak with an insurance executive I am reminded of those roots. The insights and expertise you bring make these conversations deeply rewarding. Behind every policy is a promise, and it is a privilege to work alongside those who keep it.
Looking Ahead
As we move into AGM season and toward the January reinsurance renewals, leadership clarity and disciplined succession will be central to navigating climate risk, digital transformation, and capital challenges.
Seph McKenna
Partner, Insurance, Property and Media