OptimaLite General Insurance Insights - Finity

OptimaLite | General Insurance Insights | 2018 1

OptimaLite General Insurance Insights2018


Contents

Welcome to OptimaLite 3

Overall Industry Outlook 4

Outlook for each business class 6

Private Motor 7

Householder 8

CTP 9

Standalone Liability 10

Corporate Property 11

Commercial Motor 12

Business Packages 13

Financial Lines 14

Workers’ Compensation 16

Our Team 17

About Finity 18


Welcome to OptimaLite 2018OptimaLite is an easy-to-read summary of the recent performance of the General Insurance industry in Australia. It is a concise overview of the in-depth analysis provided in the full Optima report prepared for Finity clients. This year, it includes nine classes of business and an overall industry outlook.


Overall Industry OutlookOn many accounts, FY18 was a bounceback year for the industry. Top line growth was relatively strong and claims experience was better than FY17 on both a gross and net basis. The result was a reported insurance margin that improved by 2 points to 16% in FY18. With stronger investment returns, the reported ROE improved by 3 points to 15% in FY18, meeting a 15% target return for the first time in the past four years.

This is a good recovery for the industry but the underlying industry profitability is lower and not yet meeting target. There are a few reasons for this. Reserve releases (particularly from CTP) continued to be an important feature of the market and a crucial support for margins. ICA-declared catastrophes in FY18 were a fraction of the long term average cost, costing a fifth of what they did in FY17. Additionally, the yield curve movement also provided support. The industry cannot necessarily count on these things to continue providing margin support to the same extent.

Notwithstanding this, the underlying profitability improved in FY18 to a greater extent than the reported figures. This is due to the price increases implemented in both personal lines and (for the first time in a while) commercial short tail business and is a positive sign for the industry looking forward.

Looking to FY19, we see potential for continued modest expansion of underlying margins, primarily driven by further rate hardening in commercial lines, as well as some consolidation of the profitability in personal lines Motor and Home and improving expense rates.

The main tailwind blowing behind the industry into FY19 is the continued hardening commercial market; although significant multi-year rate rises are necessary to bring commercial short tail classes back into the black. If insurers’ cost control programs pay dividends as expected, then this will also support some margin expansion in FY19. Additionally, the soft reinsurance market continues to provide some relief.

However, there remain some considerable headwinds. Growth in personal lines is expected to become increasingly harder to come by and commercial portfolios still need significant remediation. This will create some interesting dynamics in the competitive landscape going forward. Despite a small uplift in FY18, investment returns remain at very low levels, putting added pressure on the underwriting result.


Premiums In FY18, industry premium growth on an earned basis was 4%, which was a similar result to FY17. This is despite the NSW CTP Reform removing about $0.6 billion from the top line, making the GWP growth about 2 points lower than otherwise. Still, while not a particularly strong growth rate, this nevertheless consolidates the rebound from the low growth environment of the two preceding years.

The recent rate increases achieved in the market from both personal and commercial classes will not fully earn through until FY19, and we think that the market still has some room to harden further. On balance this suggests we will see an increase in both GWP and GEP next year.

Despite this, there remain many significant headwinds to premium growth that face the industry – these are low economic growth, low economic inflation, affordability issues, competitive pressures and the relative lack of domestic growth opportunities.

ClaimsNet of reinsurance, the industry loss ratio in FY18 was 65%, 2.5 points lower than in FY17. This was primarily due to the relatively benign weather in FY18 with only $0.6 billion in ICA-declared catastrophes compared to $2.9 billion in FY17 (including Cyclone Debbie). FY18 cat losses were around a third of the long term inflation-adjusted average.

Strong prior year reserve releases ($1.5 billion including $1 billion from CTP alone) took 5 points off the net loss ratio and favourable yield curve movements reduced the loss ratio by a further half a point. While reducing the loss ratio in FY18, these two items combined provided about 1.5 points less relief to the loss ratio than they did in FY17.

Profitability In FY18, the industry reported an ITR of 16% and ROE of 15%. This 2-3 point improvement on FY17 brought the industry back to targeted returns for the first time in the past four years.

However, once again an important feature of the reported profitability was strong reserve releases. Good weather and a favourable yield curve movement during the year also supported the bottom line. Normalising for these thing means that underlying profitability is therefore significantly lower.

Looking forward to FY19, we expect that reported profitability will contract slightly but remain in double digits in FY19. Meanwhile, reserve releases will continue to be a feature (albeit at a decreasing level) and so underlying profitability will remain lower than what is reported, but will likely improve in FY19 as rate increases are earned through and expense initiatives start to pay dividends. Despite this, we anticipate underlying profitability to remain below target because of the headwinds to premium rate growth.


CLASS PREMIUM GROWTH PROFITABILITY KEY RISKS

Recent FY19 Recent FY19

Private Motor 7% 4% A little under target At or just above target Claims inflation

Householders 5% 4% At or just above target At or just above target Afforability, weather events

CTP -15% Flat Good Good due to reserve releases

Claim farming, downward pressure on premiums and profit by regulators, increased scrutiny from regulators and governments on how insurers deal with claimants

Standalone Liability 4% 4% At or just above target A little under target Tort temprature, class actions

Corporate Property 7% 7% Loss making Loss making Competition, an unclear or inconsistent view of rate adequacy, cost of reinsurance

Commercial Motor 10% 10% Loss making Poor Claims inflation, competition

Business Packages 6% 5-7% Well below target A little under target Competition, pricing sophistication, distribution

Professional Indemnity 2% 5% A little under target A little under target Competition, economy, class actions

D&O 20% 20% Loss making Loss making Class actions, Royal Commission

Management Liability 10% 10% Poor Well below target Workers exploitation, cyber incidents

Workers’ Compensation 6% 3% A little under target Well below target Under-pricing, difficult return to work environment, less scope for prior year releases

Industry 4% 4% A little under target A little under target Claims inflation, weather events, regulatory, class actions, competition, scope for reserve releases

PROFITABILITY DEFINITIONS ROEGood Over 20%At or just above target 15-20%A little under target 10-15%Well below target 5-10%Poor 0-5%Loss making Below 0%

OptimaLite 2018: Outlook for each business class


Private Motor The performance of Private Motor has rebounded in FY18, delivering strong premium growth of 7% and a higher return on equity than in FY17 - we estimate ROE in the 10-15% range. We saw some easing of competitive forces as insurers appeared to consolidate their positions.

Insurers appear to be having some success in containing increases in claims costs and for the first time in a number of years we saw only a modest increase in average claim size. We also finally saw the desired impact of recent operating model changes with a reduction in the expense rate.

Despite the improvement in FY18 the outlook remains challenging. Further premium increases will be constrained by competitive forces and a slow-down in new car sales while upward pressure on claims costs from a number of forces remains a threat.

Premiums Total gross written premium for Private Motor in FY18 was $9.6 billion. This represents a 7% increase over the previous year off the back of 6% growth in FY17. Premium growth was almost entirely attributable to rate growth of about 5%, with exposure growth less than 2%. We believe that increases to excesses mean that there is a further ‘hidden’ price increase of 1-2%.

ClaimsAfter three years of above inflation increases (excluding events) the cost per policy for private comprehensively insured vehicles increased by only 1% in FY18. The recent improvement is mostly driven by containing the increase in average size of collision claims as well as a slight decrease for theft claims.

The collision claims cost per policy makes up around 90% of total claim cost and remains the main driver of Private Motor performance. Changes to repairer models and more appropriate responses by insurers to third party claims managers appear to be the main reasons for the tapering of the collision cost per policy.

Profitability The APRA reported combined ratio (before unallocated expenses) for FY18 improved to 95% from over 100% in FY17. This improvement was due to only a modest increase in claim costs coupled with the rate increases of the last couple of years flowing through to earned premium. In addition there was an almost two point reduction in the net underwriting expense ratio (from 22.4% to 20.7%). While difficult to interpret, we may finally be seeing the impact of the operational changes made by a number of the large insurers. The APRA combined ratio is likely overstated by around 1% due to the reinsurance arrangements between IMA and IAL within the IAG Group. The level of reported COR suggests that Private Motor is delivering an ROE in the 10% to 15% range.


HouseholdersThe performance of Householders improved in FY18 with an above target profit. This was driven by favourable weather, reasonable premium growth and a decrease in expenses.

Future premium growth remains challenging due to limited growth in the housing stock and broader affordability challenges as well as competitive forces.

On the claims side, we saw some continued relief from the very high claim inflation but this, together with unpredictable weather events, continues to be a risk to profit moving forward.

Premiums The gross written premium pool for Householders was $8.5 billion in FY18. The premium pool grew by 5%, achieved mainly through increases in average premium with a very low growth in the policy count (with the number of risks increasing by only 0.7%). The average premium increase was driven by higher sums insured, with premium rate increases of only 1% (possibly muted by consumers opting for higher excesses).

We expect premium growth to continue to be challenging due to the limited growth in housing stock, affordability issues and competitive forces.

ClaimsThe overall net loss ratio for the year at 59% was a big improvement on FY17 (64%). The Householders product is highly susceptible to weather events and for FY18, the Insurance Council of Australia recorded only $620 million of catastrophe losses, which is around a third of the long term inflation-adjusted average and well below the FY17 losses. Looking ahead, we note that FY19 may also be a benign weather year with the drier El Nino conditions twice as likely to develop in Spring compared to normal.

While the frequency of attritional claims fell, we continued to see more higher cost burst pipe claims in Sydney and Melbourne and fire claims in regional New South Wales.

Profitability APRA reported a combined ratio (before unallocated expenses) of 85% for FY18, a significant improvement from the 92% recorded in FY17. The 7 point reduction in the combined ratio was supported by favourable weather as well as a reduction in the expense rate - possibly a result of the significant operational restructuring that has been a feature of the industry in recent years.

At a combined ratio of 85% we estimate that Householders achieved an ROE of 20% in FY18.

We expect the class to continue to be profitable. However, weather conditions in FY19 may not be as benign as in FY18 so future profitability, while good, may be lower than FY18 levels.


CTPCTP has continued to produce profits well in excess of target levels in FY18. Results have, however, been dominated by prior year reserve releases at a time when we believe underlying profitability has reduced. At the same time scheme changes, competitive pressure and regulators actions mean that the premium pool has reduced and we see little prospect of increases in the next couple of years. Scrutiny of how insurers treat claimants will be high in the new NSW scheme due to the more limited role of lawyers and the focus on recovery and rehabilitation. We might expect the legal profession in particular to highlight shortcomings.

Premiums The industry premium pool fell by $600 million in FY18. While due largely to lower premiums and premium refunds in the new NSW scheme, there has been downward pressure on rates by the Queensland regulator and limited rate increases in other jurisdictions. We are expecting a flat premium pool in FY19.

ClaimsClaim farming continued to be high profile in FY18, including the ABC revelations of Slater & Gordon purchasing personal records from HealthEngine. However, we saw claim frequency in both the NSW and Queensland schemes stabilise due to a combination of regulatory changes and government and insurer action on potentially exaggerated or fraudulent claims. We are anticipating more activity in this space in FY19 with the Queensland Government indicating a legislative crackdown.

Profitability Prior year reserve releases continued to dominate financial year profitability reporting. We expect that profitability has been strong up until FY17 based on reports released by the regulators in NSW and Queensland as well as our own analysis of APRA information on reserve adequacy.

Prospectively we expect lower levels of underlying profit as regulators and governments focus on scheme efficiency and reducing high profits either through direct measures or competitive models with more visibility of comparative prices.


StandaloneLiabilityStandalone Liability is one of the few commercial products currently achieving target profitability. However, we expect the product to drop below target profit levels particularly if the tort environment continues to warm up and the recent class action activity leads to large settlements.

There are a number of signs which suggest the claims environment has been heating up recently - a High Court judgement expanded the scope of common law damages to include superannuation while an increased focus on the treatment of claimants may also have an impact.

Favourable reinsurance terms continue to support profitability, but in the absence of good premium rate increases the outlook for profitability in this class is not as good as we have seen in recent years.

Premiums Premium volume across APRA authorised and other insurers grew by 4% in CY17, an increase which is broadly in-line with wage inflation. CY18 is shaping up to be only marginally higher based on what we have seen of premiums written to June 2018.

After a number of years of softening or static average premiums for APRA authorised insurers, we have seen increases of 3-4% over the last couple of years due to overall market hardening with rates increasing across most commercial product lines.

We expect liability rates to achieve low single digit increases in what remains of CY18 and through CY19.

ClaimsThe underlying loss ratio has averaged 61% since accident year AY12. There has been an upward drift in loss ratio over the last six years. As the claims environment overall has remained generally benign, the main driver of this has been premium rate reductions.

In the recent past we have assessed the claims outlook as benign. However, we now assess it as warming due to some recent court decisions expanding common law damages and more mental harm claims with higher awards. We are also seeing a significant increase in the number of class actions which may impact the liability class, although to date these are unlikely to be reflected in claims costs.

Profitability We estimate a COR of 93% (net loss ratio of 61% plus expense ratio of 32%), which translates to a 15% Return on Equity. Based on this analysis, current premium rates remain adequate for Standalone Liability.

Profitability has historically been in excess of the 15% ROE target, but is now projected to be below target levels in the near future. Having said that, there are still significant variations in underwriting performance across occupations, indicating that there is competitive advantage to be gained by specific industry focus combined with good risk selection.


Corporate PropertyCorporate Property has been loss making for some years and despite two years of strong rate increases, the outlook continues to be challenging. Continuing underwriting losses are projected, although benign weather may provide some relief with the drier El Nino conditions twice as likely to develop in Spring compared to normal.

While some insurers are increasing rates significantly and appear prepared to reduce their exposure, others have been willing to step in and take over business at loss making terms, either knowingly or unknowingly.

Premiums Some insurers are developing more quantitative and granular pricing approaches. Hence, while rates are increasing overall, the increases are more focussed on higher risk locations and industry groups. It is difficult for insurers to assess rate adequacy at the individual risk level, primarily reflecting variability from weather and large claims.

As a result, some policies that are offered higher rates on renewal are able to find a new underwriter with more favourable terms. This has limited the increase in the overall premium pool. This appears likely to continue to some extent, putting a lid on the extent of rate strengthening across the industry.

ClaimsFor most of the last five years natural hazard claim costs have been below average. This has acted to disguise the extent of the poor underlying profitability. As with other property classes, claims inflation is running above normal inflation. If this continues, then premium increases of around 5% are needed just to stand still.

Profitability This class is characterised by high levels of claims variability, driven by large and natural hazard claims. This makes projecting the profit outcome highly uncertain. Based on our expectation of the normalised underlying position, the outlook is poor. Consistent profitability is at least two years away and will require significant further rate increases.


Commercial MotorIn the longer term there are good prospects for growth in the Commercial Motor market.

As the sharing economy grows, so too will the commercial fleet market at the expense of personal motor insurance.

A Boston Consulting report forecasts the size of the Commercial Motor market to overtake the Personal Motor market in 2030.

The Commercial Motor market is ripe for technological disruption which represents an opportunity for insurers. For example, there is an opportunity for insurers to utilise telematics information, particularly in the fleet and heavy motor segments, to both refine insurance pricing and also provide a broader service offering which is centred around optimising fleet management. .

Premiums Total gross written premium for Commercial Motor in FY18 was $2.5 billion. This represents a 10% increase over the previous year off the back of 9% growth in FY17. Premium growth was achieved mainly via strong rate increases averaging 8%, with vehicle growth being less than 2%. Rates have increased in response to the poor claims performance in FY15 and FY16. We expect rates to continue to increase in FY19 as the current product performance is well below target profitability.

Light commercial insurance is a more commoditised product relative to most commercial insurance products and is primarily offered by the major commercial insurers. The key challenge for insurers offering this product is around implementing targeted rate increases with the aim of improving profitability and avoiding anti-selection. Heavy motor is offered by a broader range of underwriters including both large insurers and small niche underwriting agencies. Competition is more likely to dampen the level of rate increases in this segment.

ClaimsAfter above-inflationary increases of 4-8% per annum in FY15 - FY17 (excluding events) the growth in claims cost appears to have slowed to 0-2% in FY18.

The high claims inflation in previous years was driven by the use of genuine parts, unfavourable exchange rate movements and growth in ‘claim farming’ practices which was particularly prevalent in NSW and Victoria.

Based on Private Motor trends it is likely the improvement in claims performance in FY18 is driven by improvements in claims management processes adopted by the major insurers (who write both Private and Commercial motor) which have contained the increase in the average size of collision claims.

Profitability Gross reported loss ratios net of non-reinsurance recoveries are particularly high in NSW and VIC, estimated at 80-90% based on APRA statistics compared to 60-70% across the other states.

The APRA reported combined ratio for FY18 improved to 106% from 110% in FY17. This improvement was due to the rate increases of the last couple of years flowing through to earned premium which outweighed only a modest increase in claim costs. Expenses have remained flat at around 33% of net premium. The level of reported COR means that Commercial Motor remains loss-making and further rate increases of around 10% are required.


Business PackagesWe have seen stronger rate increases in 2018 and we expect this to continue into 2019 and beyond.We observe some improvement in profitability as a resultof the rate increases. Assuming no material change inthe claims environment, if the current price increasescontinue, we would expect this class to meet targetprofitability within two to three years.

As competition increases with new entrants to thisspace, insurers need to continue to improve pricingsophistication, form a clear view of the profitability ofdifferent distribution channels and develop a longer-termstrategy for engaging with customers across multiplechannels.

Premiums Premiums have grown by 6% in the year to June 2018, a higher rate of growth than observed in previous years. We estimate that only 1% of this came from growth in the number of policies, and the remaining 5% was due to average premium increases. We expect this higher rate of premium growth will continue in coming years, as insurers seek to return this class back to target profitability.

The growth in policies (at 1%) lagged the growth in businesses (at 3%). We suspect that much of the growth in businesses is due to the rise of the gig economy which has different insurance needs. As inherent business models continue to change, particularly at the micro level, we expect to see limited growth in traditional Business Pack policies.

ClaimsProperty continues to be the loss leader for this class, although the rate increases have made a small improvement to the loss ratio over the last year. We observe claims inflation (over and above CPI inflation) of approximately 2.5% per annum in the attritional and large claims costs over the last ten years.

Liability claims experience has been benign for more than 10 years, although the higher claims frequency coming through in the 2015 and 2016 accident years has continued into 2017. There have been no significant changes in the claims environment in the last year, although there are some early signs of tort temperature warming for liability claims. Some factors to look out for are the potential impact of the Amaca vs Latz High Court judgement, increased regulatory focus and the rise of mental harm injuries.

On a current premium rate basis and allowing for the true underlying cost of natural perils, we estimate the overall gross loss ratios for Business Pack to be just under 58%.

Profitability We estimate the industry COR to be at just under 102%, delivering an ROE of approximately 8% which is getting closer to the target of 15% ROE.

To meet target, the COR needs to be at 96% which means that the underlying loss ratio needs to be at 53%. This implies a rate increase of 9% is needed to bring this product class up to target profitability.


Financial LinesThe Financial Lines markets should continue to harden over the next couple of years. Professional Indemnity (PI) is performing in-line with targets overall and rate increases are likely to be modest except in a few hotspots. Directors and Officers (D&O) on the other hand is a market in turmoil (if not crisis), at least in the public company segment. Rate increases of 20% to 400% have been quoted for the June 2018 renewals and further material rate increases are expected. Some insurers have completely or materially withdrawn from the market and those that remain have reduced exposures, such as removing side C cover and introducing Royal Commission exclusions. This will continue to make placements difficult for the next couple of years.

Claims pressure arising from the continuing growth in class actions is likely to be a factor for the foreseeable future pending regulatory change. The implication is that rates will still be in ‘catch up’ until claims reduce. The government review being done by ALRC (Australian Law Reform Commission) is a positive sign but it is not clear what changes might be made, especially if there is a change of government in Canberra.

One can only expect that further claims pressure will arise from the Financial Services Royal Commission, privacy regulation, workplace exploitation, child sexual abuse, and now the Aged Care Royal Commission. The Management Liability product for small and mid-market businesses is also vulnerable to these pressures.

Premiums During the first half of 2018 the premium volume for the Financial Lines class as a whole increased by almost 20%, with D&O being the main driver. We estimate the full 2018 calendar year will report volumes of at least $2.4 billion (including Lloyd’s and UFIs).

By product, we have seen the following movement in premium rates:

• Professional Indemnity: Rates have remained either fairly flat or had small increases in 2018, with the potential for class actions and Royal Commission claims cited as the main reasons for increases in the financial industries.

• D&O: An average premium rate increase of about 20% was achieved in FY18. At the 30 June 2018 renewals, brokers have noted further rate increases of between 10% and 400%. After many years of a soft market this will only go some way towards bringing rates back to profitability. Several years of substantial rate increases will be required unless there is an improvement in the claims environment.

• Management Liability: Rate increases of between 10% and 20% were achieved in FY18 across most risks. More increases are expected in FY19, but to a lesser extent.


ClaimsAustralian insurers (excluding Lloyd’s) reported a gross loss ratio of 98% for FY18 on an accounting year basis - similar to the peak GFC year. The previous four years averaged a 70% gross loss ratio, still worse than target performance. Class action losses being recognised in prior year reserves is believed to be the main driver of the elevated loss ratio.

Reinsurers have continued to suffer more than their fair share of the losses. Over the last five years direct insurers have reported net loss ratios about 15% below the gross, illustrating the unsustainable level to which reinsurers have insulated local insurers from the worst of the losses.

By product within Financial Lines the differences in claims experience are marked:

• Professional Indemnity: Experience has been fairly benign since the GFC, although there is upward pressure on the loss ratio as a result of several years of premium rate reductions.

• D&O: The continuing upward trend in class actions has resulted in a growing number of large insurance claims. We have estimated an average ultimate gross loss ratio of 100% since 2012 (even with the latest rate increases), compared with an average loss ratio of 40% prior to the GFC.

• Management Liability: Both frequency and severity have continued to increase for this product. We estimate an ultimate gross loss ratio of around 50% up to 2015, but claims have escalated since that time with an estimated loss ratio approaching 70%.

The tort temperature for Financial Lines has been hot since 2017. More specialist law firms and more litigation funders are supporting the continuing escalation in class actions, particularly security class actions which materially impact this class. Even an ‘unsuccessful’ action is mostly settled on a ‘walk-away’ basis and defence costs alone can often exceed $20 million. Potential claims from areas such the Financial Services Royal Commission, privacy regulation, workplace exploitation, child sexual abuse, heightened regulatory zeal and next year an Aged Care Royal Commission are likely to increase the temperature further.

Profitability We estimate that Professional Indemnity is making returns close to target. D&O is clearly loss making and Management Liability is making a small profit (but below target).

We estimate a combined operating ratio (COR) of 92%, net of reinsurance, is required to make a 15% Return on Capital. Only Professional Indemnity is performing at this level. The net CORs for D&O and Management Liability are both currently above 100%

To get target returns we estimate:

• Assuming that an increase of 20% has already been achieved in FY18, to meet target returns the market will need a further 15% increase to cover higher reinsurance costs and then another 15% on top of that (i.e. a 30% rate increase) to establish target performance.

• Management Liability rates might need a further 10%, if an average 10% premium increase has been achieved at the June 2018 renewals.


Workers’ CompensationWorkers’ Compensation profit fell in FY18 off the back of lower reserve releases. While the class achieved close to a 15% ROE in FY18, there is reducing scope for continuing reserve releases to prop up results.

Continuing significant discounts to recommended premium rates, together with claims cost pressures, suggest that the underlying results for this class in aggregate are challenging. Careful risk selection and claims management will be essential to achieving reasonable financial results.

Premiums Premium growth as a result of higher rates in FY18 reversed the year on year reductions seen since 2014. Growth was driven by jurisdictions other than WA. Higher rates in WA, the largest privately underwritten jurisdiction, were largely offset by lower wages, and wages are expected to shrink again in WA in FY19.

Achieved premium rates continue to be lower than the rates recommended by privately underwritten scheme regulators, which puts pressure on underlying profitability.

ClaimsThe headline claim frequency continues to reduce for privately underwritten schemes, but average claim sizes are increasing to compensate. For WA in particular, average claim sizes have been increasing significantly faster than inflation and this is leading to increases in recommended premium rates. Part of this increase is likely due to an increase in the number of claimants remaining off work for three months or longer.

Tighter economic conditions (reflected in a shrinking wage pool in WA) are putting pressure on return to work rates and increasing claim duration and costs.

It is hard to see continued opportunities for significant prior year reserve releases going forward.

Profitability FY18 profitability deteriorated as a result of lower prior year reserve releases. While the class achieved a 15% ROE target in FY18, the deteriorating scope for reserve releases in future, together with the WA regulator’s view that the class is being written at a loss, suggest profitability will continue to trend lower.


Susie AmosTim AndrewsOur Team

Alina Pettifer

Andy Cohen Scott Collings

Alice Huang Nevena Mackic

Andrew McInerney

David Wilheim

Estelle Pearson

Like to know more? Contact the team:Sydney +61 2 8252 3300Melbourne +61 3 8080 0999


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