Insurance

INSURANCE HERO IMAGE

Wesfarmers Insurance operates in the general insurance and financial services sector. We provide underwriting and broking solutions to corporates, small-to-medium sized businesses, not-for-profit organisations and individuals across Australia, New Zealand and the United Kingdom. We operate in 128 locations in Australia, 36 in New Zealand and five in the United Kingdom with more than 3,600 people. Our revenue this year was $2.1 billion.

Material issues
  • Effectively responding to catastrophe events, including the impacts on customers, suppliers and the re-insurance market.
  • Continuing to provide ongoing training and development for our people to increase retention.
  • Continuing to improve our work environment to create a safe and diverse workplace.
  • Ensuring our businesses have a positive impact on the communities where we operate to create strong and enduring relationships.
  • Continuing to provide input into the development of effective regulatory systems for the insurance industry and contributing to policy development and regulatory programs.

Highlights

New health and safety program

Our total recordable injury frequency rate has reduced from 7.1 in the previous year to 5.1 this year, which was a greater improvement than our target of 6.4. We are aiming to reduce this further in the coming year through an enhanced health and safety program, including improved risk management activities and training. Specific focus areas include motor vehicle travel, mental stress, ergonomics and building management. We also promoted health and wellbeing to our employees with more than 970 people participating in the Global Corporate Challenge. 

Making a difference to communities

A key part of making Wesfarmers Insurance a great place to work is providing our people with a range of opportunities to contribute to communities in which they live and work. In the past year, our people in Crombie Lockwood built more than 25 eco-playhouses and donated these to Kohanga Reo Community Centres. OAMPS Australia has made more than $100,000 in contributions since 2012 to the Make-a-Wish Foundation from staff and customer donations, community events, raffles and trivia nights. Australian Underwriting donated to the Royal Flying Doctor Service, local communities and rural associations, and also participated in City to Surf, Jeans for Genes Day and Cancer Council’s Australia’s Biggest Morning Tea and, for the third year in a row, with OAMPS, Movember.

Developing our people

We further embedded our Employee Value Proposition launched in 2011 through a range of new and enhanced initiatives including a new performance framework that measures behaviours as well as competencies, improving training to support a high performance culture, launching a new system to enhance visibility of job vacancies across the division, increasing our investment in technical training and re-aligning our incentive programs to provide the opportunity for greater rewards based on individual contribution to business results.

Contributing to the development of the insurance industry 

We continued close engagement with the Insurance Council of Australia and the Insurance Council of New Zealand. Through these industry bodies, we have provided input into discussion about: the introduction of new Australian Prudential Regulation Authority capital requirements, changes to the Victorian Fire Services Levy, the independent review of the General Insurance Code of Practice, the introduction of new Reserve Bank of New Zealand capital requirements, appetite by global reinsurers to invest in the New Zealand market and the shift from square metre to sum-insured cover for domestic property insurance in New Zealand. 

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More information on sustainability at Wesfarmers Insurance is available at www.wesfarmersinsurance.com.au/community.

 

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