Former APRA member Geoff Summerhayes has been appointed chairman of the Swiss insurance giant’s Australian business.
Former regulator Geoff Summerhayes says providing incentives to reduce carbon emissions, such as lower insurance premiums, will be a key focus of his tenure as chairman of Swiss insurance giant Zurich’s Australian operations.can reveal that Mr Summerhayes, a former Australian Prudential Regulation Authority board member and chief executive of Suncorp’s defunct life insurance business, was appointed chairman of Zurich Financial Services Australia this month.
“In this more challenging world, we need to use that risk intelligence with our corporates and our small businesses, and ultimately, with our consumers to help them manage and mitigate those risks and – where they can’t – provide the cover for that.”of a warming planet – a conclusion criticised as being based on overly conservative assumptions and out of step with other warnings to the finance sector.
He said it would be “foolish” for any financial services provider to omit the “implications of a changing climate” on the risk profile of prospective customers. He said that the formation of new lobby group, the Council of Australian Life Insurers, and separation of the insurance industry from the big banks following the Hayne royal commission, provided an opportunity to “do a better job of telling our story”. Insurance should be seen as a mechanism for transferring risk from private savings or the public purse, he added.
Mr Delaney said it was difficult to grow the retail business because of the swathes of regulation introduced since the damning inquiry, including anti-hawking provisions and professional reforms for financial advisers .
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