Breedon will be formally appointed at the ABI’s annual general meeting in July when current chairman Archie Kane will step down having completed a three year term of office.
Breedon has been L&G group chief executive since January 2006, having joined the board in 2002. He has been a member of the ABI board since July 2007.
Breedon believes the insurance sector “weathered the storm of the financial crisis” well but says firms need to be part of the solution. He adds that the industry needs to improve its reputation with customers.
He says: “Insurance is already at the heart of a successful and well-functioning society. We price and manage risks for consumers, businesses and governments, enabling individuals to live their lives to the full and economies to grow through the long term investment the industry provides.
“There is however much more we can do to assist individuals, families, businesses and the economy towards recovery. As an industry we have to continue to improve our reputation with consumers, demonstrate our value to governments and work with regulators to ensure we are operating effectively.
“We face major challenges from regulators and governments, particularly in ensuring insurance is not treated as banking, but I am confident that the ABI will continue to engage constructively in the important debates still to come.”
Kane says: “Tim is a hugely respected leader with significant industry experience across all the different areas of the ABI’s work. Tim’s experience and deep understanding of the challenges ahead will ensure the ABI continues to lead policy debate and speak effectively on behalf of its members.”
ABI director general Kerrie Kelly says: “On behalf of the whole board, I would like to thank Archie Kane for his considerable personal commitment and dedication in his three years as the ABI’s chairman.
“Archie has provided clear and respected leadership through an incredibly challenging period for financial services in the UK and our members are most grateful for the very meaningful contribution he has made during this time.”