The board of the Insurance Council of Australia (ICA) has appointed Paul Fahey, CEO of Hollard Holdings Australia and its insurance subsidiaries, as a non-executive director.
Fahey, who joined Hollard in 2016 and has served as CEO of Hollard’s personal lines division, replaces Hollard founder and former CEO Richard Enthoven.
Enthoven, who resigned from the ICA board, had been a member for over a decade, holding roles as president and deputy president.
The decision was finalised during the ICA’s annual general meeting last week.
Nick Hawkins, the current ICA board president and CEO of IAG, will complete his term on Dec. 31, 2024. The ICA board will choose a new president in its June 2024 meeting.
“I am pleased to welcome Paul to the ICA board,” Hawkins said. “[He] brings with him a breadth of knowledge and experience of the insurance industry that will be invaluable to the board.”
He also thanked Enthoven for his contributions to the ICA board.
“I also recognise the long and committed service that Richard Enthoven has provided to the ICA as he steps down from the board after 10 years,” he said. “As a former ICA president and deputy president, Richard has played a key role in our industry for a long time.”
Fahey joined the ICA board following Tracey Bryan’s appointment as a non-executive director.
Bryan, who joined the board on April 1, is the general representative for Lloyd’s in Australia. She replaced Chris Mackinnon, who had been with the ICA board since 2017.
Since joining Lloyd’s in 2010, Bryan has gathered a wealth of experience in the insurance industry, specifically in managing claims, dispute resolution, risk conduct, compliance, and legislation development. With a Bachelor of Laws and a Bachelor of Arts from Monash University, she started her career in the legal space and then moved to insurance in 2001.
The ICA also established a new unit focused on combatting insurance fraud and scams.
The new unit aims to enhance industry-wide capabilities in identifying organised fraud networks and emerging fraud trends. It will work closely with ICA members to gather intelligence in organised fraud to enhance insurance companies’ efforts to detect and prevent fraudulent activities.
