Geoff Summerhayes joins Zurich Australia, OnePath boards

Financial services luminary Geoff Summerhayes has been appointed to Zurich Australia’s boards as Independent Non-Executive Director and Member of Risk, Compliance and Audit Committee.

Sydney-based Mr Summerhayes was on the board at the Australian Prudential Regulation Authority (APRA) for five years until last year and was formerly CEO at Suncorp Life and MLC’s head of Superannuation and Investment. He also held senior roles at NAB.

He joins the boards of Zurich Financial Services Australia – where the role also includes Member of People and Remuneration Committee – Zurich Australia, Zurich Australian Insurance, OnePath Life and OnePath General Insurance.

He is also a director on the Zurich Investment Management board.

“We are very fortunate to have such a high calibre addition to our boards,” Zurich Australia and New Zealand CEO Justin Delaney said.

“Geoff’s appointment reflects the commitment we have at Zurich to strengthen our position in the market by bringing unique leadership to our strategy, governance and culture.”

Last week, an article in The Australian newspaper citing unnamed sources claimed Zurich’s bid to sell its general insurance operations in Australia, excluding travel, will “wrap up within four weeks”, with the assets set to bring in between $400 and $600 million.

Mr Summerhayes, who is described as a recognised global leader on climate change financial risk regulation, has held chairperson and leadership roles at the Council of Financial Regulators Working Group on Climate Change, the International Association of Insurance Supervisors Audit and Risk Committee, and the UN Environment Program’s Sustainable Insurance Forum, an initiative which established the Net-Zero Insurance Alliance at the G20 Climate Summit in Venice, backed by eight of the world’s leading insurers and reinsurers including Zurich.

Zurich, along with other founding members Axa, Allianz, Aviva, Generali, Munich Re, Scor and Swiss Re, has committed to transitioning its underwriting portfolio to net-zero greenhouse gas emissions by 2050.

Zurich says Mr Summerhayes championed significant organisational transformation across APRA and has led “significant regulatory change in Australia and globally as a forthright leader, raising awareness of climate change financial risk”.

Zurich Chair Paul Bedbrook says his extensive experience and expertise in commercial and regulatory matters makes him a valuable appointment and his deep knowledge of the industry and experience “complements the diverse capabilities of our board members and we welcome and look forward to his contribution”.

Mr Summerhayes, who started his career at Lend Lease in commercial property development, is Chair at climate think tank Beyond Zero Emissions, a director at Heartland Group Holdings NZ, senior adviser for investment firm Pollination Group, advisory board member at CSIRO and co-author of the Cambridge Institute for Sustainability Leadership (CISL) COP 26 Submission on Insurance Policy and Regulation.

A post on LinkedIn says he looks forward to working with Mr Delaney and his “impressive team and board colleagues”.