Tidjane Thiam has been nominated by the board of the Association of British Insurers to become its next chairman, with effect from July 3. Thiam, group chief executive of Prudential plc, takes over from Tim Breedon of Legal & General who will be stepping down having completed his two-year term of office.

Thiam has been an executive director at Prudential plc since 2008, having previously spent six years in executive positions at Aviva plc. He is a member of the Prime Minister’s Business Advisory Council.

Mr Thiam said: “I am honoured to be chosen as Chairman of the ABI, particularly in succession to Tim Breedon, who has done an outstanding job in refocusing the organisation to face the challenges of a changing world. I am looking forward to working with Otto Thoresen, who has brought a wealth of experience and leadership skills to the ABI.

“Insurance is one of Britain’s business success stories and it continues to provide jobs, security and much of the long-term investment that drives economic growth. It remains one of our most important invisible export earners.

"Insurers need to continue working together in close partnership with government and regulators to find solutions to the challenges we collectively face – supporting our customers in a time of unprecedented austerity and developing practical policies that will promote sustainable growth.”

Otto Thoresen, director-general of the ABI, said: “Tidjane Thiam is a globally recognised business leader whose understanding of the opportunities and challenges facing the global insurance industry will be a huge asset to UK-based insurers.

“I am looking forward to working with him to deepen the impact of the ABI as the authentic voice of an industry that is such a critical part of the UK's economic well-being.

“On behalf of the ABI’s members, I would like to place on record their appreciation for Tim Breedon’s outstanding leadership and record of achievements over the two years of his chairmanship. Tim has refocused and re-energised the ABI and has played a key role in both the public leadership of the UK industry and ensuring the ABI is equipped with the strategic direction, consumer perspective, member engagement and key staff to deliver for its members in this challenging environment. Tim has brought unwavering commitment to the task and his passion for the social and economic value of insurance has made a significant impact on ministers, regulators and industry leaders.”

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