IAG names new MD and CEO

Insurance Australia Group today announced that deputy CEO Nick Hawkins has been appointed as the group's Managing Director and CEO following a "comprehensive internal and external search". The appointment is effective November 2, immediately after the departure of outgoing CEO Peter Harmer. Hawkins was actually named deputy CEO in April this year, when Harmer's retirement was announced, and was initially meant to oversee the transition period.

Hawkins has spent almost 20 years with IAG, most recently as Chief Financial Officer, a position he held for 12 years. Prior to that, he spent two and a half years as CEO of IAG's New Zealand business, and also headed several of IAG's Australia-based divisions in turn. Before joining IAG, he was a partner at KPMG Australia.

Elizabeth Bryan, Chairman of IAG, said that Hawkins’ appointment will ensure continuity and stability for the company. "Nick has a deep understanding of both global and domestic general insurance along with operational and financial experience, and this will ensure a smooth transition for IAG," she said.

Accepting the appointment, Hawkins said: “Insurance plays a fundamental role in our society and I’m proud to work for and lead a company that is truly purpose-led and customer-focused. Our purpose—to make your world a safer place—has never been more important than now as we continue to help our customers and communities recover from the devastating natural disasters of late 2019 and 2020, and the ongoing challenges resulting from climate change and the pandemic."

The insurance industry in Australia has been seriously challenged over the last year or so. The devastating "Black Summer" bushfires that peaked at the end of 2019 drove the industry nearly A$2 billion into the red, only to be followed by the COVID-19 pandemic and massive storm damage in Western Australia.