Assistant Treasurer Chris Bowen will be the primary point of contact for the insurance industry.

Mr Bowen, who has also been appointed Minister for Competition Policy and Consumer Affairs, was sworn into the Rudd Government’s ministry on December 3.

Senator Nick Sherry held responsibilities for the insurance industry in opposition for Labor, but he confirmed last week his new brief covering superannuation and corporate governance will not include insurance.

While no official announcement has been made, both Senator Sherry and an adviser to Mr Bowen have confirmed the latter has taken over the insurance brief.

The National Insurance Brokers Association government relations consultant John Hanks says Mr Bowen is an unknown quantity, but he is optimistic of a productive relationship.

“I think he would be fairly unknown to the insurance industry,” Mr Hanks told Sunrise Exchange News. “He’s obviously highly regarded, relatively young and a person who could make a significant contribution.”

Until treasury portfolios are officially finalised, Mr Hanks says it remains possible Senator Sherry could retain responsibility for brokers, with Mr Bowen assuming control of the wider insurance brief.

“We certainly don’t know the exact break-up of how they are going to distribute things between them,” he said.

“It will take a bit of time to sort through – there are a lot of things in the portfolio. There is also nothing stopping Treasurer Wayne Swan from keeping something he has a particular interest in.”