The MIP encompasses coverage for ship construction and sustainment, reflecting a core component of the government's broader national defence goals. Under the agreement, Marsh will be responsible for coordinating risk placement and advising on insurance for the Navy's shipbuilding projects.

Assets potentially covered under the program include a fleet of six Hunter-class frigates, three Hobart-class air warfare destroyers, 11 new general-purpose frigates, six Large Optionally Crewed Surface Vessels, and the naval infrastructure precinct in Osborne, South Australia.

David Bidmead, Executive Chairman of Marsh McLennan Pacific, highlighted the significance of this appointment, stating that the government's investment in naval capability represents some of the biggest investments in Australia's military capability in recent decades. He emphasised that the engagement presents a unique and significant proposition to global insurance markets.

For the Australian marine industry, this appointment underscores the critical role of comprehensive risk management in large-scale maritime projects. It also highlights the importance of collaboration between the public sector and private insurance entities to ensure the success and sustainability of national defence initiatives.