Regional not-for-profit health insurer GMHBA has confirmed that chief executive David Greig (pictured) will step down in the second half of 2026, with the board commencing a process to appoint his successor.
Greig, who has been in the role for five years, will remain CEO until a new appointment is made. GMHBA said he will continue to work with the board through the handover to support a “smooth and orderly transition.”
During his tenure, the Geelong-based fund has carried out a program of changes to its product suite, digital platforms, core technology, and internal capability. According to GMHBA, these changes were intended to support the fund’s long-term growth and operating model. The insurer has expanded its physical health services footprint through a network of multidisciplinary health hubs, including a Geelong facility that houses dental, optical, physiotherapy, medical, and allied health services at a single site. GMHBA has also added digital health initiatives via partnerships in areas such as cardiac rehabilitation and cancer care, and introduced its Smart Care Extras product to align extras cover more closely with how members use ancillary services.
GMHBA reports that, over Greig’s time as CEO, health insurance sales increased by 218%, employee numbers rose from 400 to 540, health services revenue grew by 36%, and net assets rose by 91%. The fund says it has recorded four consecutive years of premium increases below the industry average and describes its 2026 adjustment as the lowest increase among private health insurers. It also cites higher customer satisfaction scores, lower complaint levels than industry averages, several Canstar awards, and a regional Employer of Choice award.
Greig commented: “GMHBA is in a strong position, with a clear strategy and a passionate team that is delivering outstanding value and health outcomes for our members and patients. It has been a genuine privilege to lead GMHBA and to serve our members.” He also thanked members, employees, and directors for their support over his tenure. “I want to sincerely thank our members for the trust they have placed in me and in our organisation. That trust is something we never take for granted,” he said.
GMHBA chair Claire Higgins said the organisation’s focus remains on members and communities as it prepares for the next phase of leadership. “Over the past five years, David has led this organisation with conviction, generosity of spirit, and a deep commitment to our purpose. His leadership has shaped a period of strong performance and a culture that reflects the very best of who we are at GMHBA. Under his leadership, we have strengthened our foundations, navigated periods of significant change, and continued to deliver for our members and patients. We are immensely grateful for the contribution David has made, the culture he has shaped, and the legacy he leaves behind,” Higgins said. The board has not set a public deadline for announcing a replacement. It has indicated that Greig will remain CEO until the recruitment process is completed and will be involved in ensuring continuity during the transition.
GMHBA’s planned CEO change comes as health funds prepare to implement premium rises from April 1. Industry body Private Healthcare Australia (PHA) has confirmed an average premium increase of 4.41% across private health insurers, citing higher claims costs and rising healthcare expenses. PHA chief executive Dr. Rachel David said the sector is responding to increased use of high-cost hospital services and the cost of caring for an ageing membership with more complex conditions, while attempting to maintain affordability for policyholders.
The 4.41% average increase is below the 5% rise in the cost of providing medical and hospital services recorded in the previous financial year. David said funds are extending no-gap and known-gap arrangements to provide clearer information on out-of-pocket costs and are supporting at-home care models where clinically appropriate. “These include services such as drug and alcohol rehabilitation, chemotherapy, and post-surgical care,” she said, noting that these models can reduce travel and enable treatment at home.
According to PHA, insurers are also investing in health management and prevention programs aimed at improving chronic disease management and mitigating future high-cost episodes of care. David said the 2026 premium adjustment is expected to contribute to the financial position of private hospitals facing higher operating costs and changes in occupancy rates since the pandemic. “Private hospitals are a critical part of Australia’s healthcare system, and this adjustment will help ensure they remain viable and available when patients need them,” she said. More than 15 million Australians hold private health insurance, including around 12.6 million with hospital cover. David said private cover continues to support patient choice and to absorb some demand that might otherwise fall on the public hospital system.
GMHBA’s CEO transition is one of several senior leadership changes underway in Australia’s insurance and superannuation sectors. Specialist commercial insurer Ansvar has confirmed that chief executive Warren Hutcheon will retire in early 2026 after leading the business since 2014. The company has appointed former QBE executive Jason Hammond as its next CEO, effective March 10, 2026, as part of a planned succession following Hutcheon’s retirement. At transport and logistics-focused insurer NTI, a staged succession plan is in progress. As previously announced in June 2025, chief customer officer Janelle Greene stepped into the CEO role on July 1, 2025. Long-time chief executive Tony Clark has stayed on as managing director and is expected to retire from the business in mid-2026 after 18 years as CEO.
Leadership change is also in train at profit-to-member superannuation fund HESTA, which has significant group insurance arrangements. CEO Debby Blakey has advised that she will step down in the second half of 2026 after more than 10 years in the top role and 17 years with the fund, with a view to taking on a broader portfolio of board positions. Under Blakey, HESTA’s funds under management have grown from about $30 billion to more than $100 billion, and the fund has been active in corporate engagement on responsible investment and governance issues. The HESTA board has begun its search for a new CEO and has indicated it expects to name a successor around July 2026, with Blakey staying on to assist with transition. Taken together, the CEO movements at GMHBA, Ansvar, NTI, and HESTA mark a period of succession activity across health, general, and group insurance-linked organisations, occurring alongside ongoing pressures from claims trends, cost inflation, and member expectations in the Australian market.
