GMHBA has appointed a superannuation fund chief executive to lead the Geelong-based not-for-profit health insurer – a cross-sector move that signals where the fund’s board believes the organisation needs to go as rising out-of-pocket costs put pressure on the value proposition of private health cover nationally.
Jarrod Coysh (pictured), who has served as CEO of REI Super since July 2019, will take the role in the first quarter of the 2026-27 financial year, succeeding David Greig, who announced his departure in March 2026 after five years at the helm. Coysh’s background spans management consulting at Boston Consulting Group and roles in banking and corporate strategy – experience drawn almost entirely from outside the private health insurance sector.
The appointment arrives as Australian Prudential Regulation Authority (APRA) data shows the cost burden on policyholders is climbing. According to APRA’s March 2026 quarterly private health insurance statistics, the average out-of-pocket payment for a hospital episode reached $511 in the March 2026 quarter – an increase of 8.9% compared to the same quarter the previous year. For medical services where a gap was payable, the average out-of-pocket cost was $245.08, with orthopaedic procedures carrying the highest gap at $849.93.
That cost trajectory sits alongside continued membership growth across the sector. As of March 31, 2026, 45.8% of the Australian population held hospital treatment cover, representing 12,790,111 insured persons – a quarterly increase of 101,918 compared to December 2025. Australians are continuing to take up private health cover, but the cost of using it is rising at a rate that outpaces premium movements. For funds that have built their competitive positioning around affordability and member value, the gap between headline premium increases and real policyholder costs represents a challenge that will need to be addressed.
GMHBA has differentiated on the pricing side of that equation. The fund posted the lowest average premium increase of any registered insurer in 2026 at 1.98% – the fourth consecutive year its increase has remained below the industry average. Whether a new CEO with a member-value background can extend that position while managing claims growth is the operational question the appointment raises.
GMHBA chair Claire Higgins pointed to Coysh’s experience in member-governed organisations as central to the selection. “Jarrod brings a compelling combination of personal style, strategic capability, financial expertise and a strong understanding of member-based organisations. His leadership experience, together with his background in banking and strategy, means he is well placed to lead GMHBA in a complex and highly regulated environment. Importantly, Jarrod’s values and leadership approach align strongly with GMHBA’s member-first culture. We are confident he will lead the organisation into its next phase of growth,” Higgins said.
Both REI Super and GMHBA are APRA-regulated, member-owned organisations. The Financial Accountability Regime (FAR), which extended to insurance entities and superannuation trustees from March 15, 2025, applies to Coysh in his incoming role as it did in his previous one – meaning his obligations around personal accountability and governance conduct under APRA’s framework carry across sector lines.
Coysh acknowledged the fund’s history in remarks released alongside the announcement. “For more than 90 years, this organisation has stood as one of Australia’s most trusted not-for-profit health insurers, grounded in community, guided by strong values, and focused above all on its members. I have great respect for the people and culture that have shaped GMHBA over nine decades, and I look forward to working with the team to build on those strong foundations,” he said.
The outgoing CEO oversaw measurable growth across the fund’s key metrics during his tenure. Health insurance sales rose 218% and GMHBA ranked as the third fastest-growing fund among the 28 registered in the Australian market. In FY2024-25, the fund paid $531 million in benefits across more than 316,000 covered lives and returned $67.5 million in COVID-19 related surplus funds to approximately 161,000 active members in October 2024 – bringing total member returns to $153 million.
Higgins said of Greig’s contribution: “David has guided GMHBA through the unprecedented challenges of the COVID-19 pandemic leading with resilience, care, and decisiveness during a time of significant uncertainty for our people, members, patients, and the broader health system. Under David’s leadership, GMHBA has been transformed; strengthening our foundations, embracing innovation, and delivering sustained growth, all while staying true to our not-for-profit purpose.”
Greig acknowledged the board and staff in his own statement. “I would like to thank the board for their support, leadership, and counsel. Over the past five years, it has been a privilege to lead and work with such a highly credentialled board and a talented, committed team across the organisation,” he said.
Coysh is expected to join GMHBA before the end of September 2026. No specific handover date has been disclosed. APRA does not require public notification of CEO appointments at registered private health insurers, and no regulatory filings related to the appointment have been made public. GMHBA is headquartered in Geelong, Victoria, and operates across health insurance and a network of health practices in Geelong and regional Victoria.
