IAG’s intermediated insurance brands CGU and WFI Insurance have agreed to become champions of the Goulburn Murray Regional Productivity and Prosperity Plan (GMRPPP), a First Nations-led economic development strategy in northern Victoria, IAG said this week.
Launched in 2021 and led by the Kaiela Institute, a First Nations policy think tank in Shepparton, the plan aims to deliver an additional A$180m (US$123m) in gross regional product (GRP) a year in the region by 2036.
The plan’s original 2021 report set the target at A$150m and 460 full-time jobs. Updated forward estimates by Deloitte Access Economics and KPMG have since raised the projections to A$180m and more than 500 jobs, according to BCG.
“We are proud to champion the Goulburn Murray Regional Productivity and Prosperity Plan,” said Jarrod Hill, chief executive of CGU and WFI.
Hill said the partnership aligns with the group’s Reconciliation Action Plan and allows the brands to collaborate on Indigenous-led solutions to drive economic growth, develop resilience and deliver change for First Nations communities in the region.
CGU said the move builds on its work with the Yorta Yorta peoples through Jawun, an Indigenous corporate partnership programme, including secondments and capability-building programmes for its senior leaders and broking partners.
Under the plan’s governance model, champions are senior leaders in government and industry who advocate for the plan, help shape policy and funding coming into the region, and connect it to major projects.
Organisations taking on the role sign a Statement of Intent, then co-design a tailored Action Plan with the Kaiela Institute’s Algabonyah Business Development Unit. The announcement did not detail the initiatives CGU and WFI will pursue.
“We are delighted that CGU and WFI have become Plan champions, and look forward to working together to develop practical initiatives and create sustainable employment pathways for the region’s First Nations peoples,” said Paul Briggs, executive chair of the Kaiela Institute.
The 2021 report put labour force participation among the region’s Indigenous population at 50.3%, against 60.1% for non-Indigenous residents. The plan’s first champions included Goulburn-Murray Water, food processor SPC and the University of Melbourne.
In January, WFI formalised a partnership with rural charity Rural Aid to support farming communities before, during and after disasters.
