Mr Higginbotham, who began his career in 1986 with a UK life insurer, will be working in the coming months with current CII President and CEO of Aston Lark, Peter Blanc.

Mr Higgintboth will take over as President and Chair of the President’s Forum on 1 January 2023.

Mr Higginbotham said: “I am delighted and honoured to have been elected as CII President for 2023. I look forward to commencing my term of office in January.”

The CII President's Forum was created in 2021 to explore “new and emerging risks and ways” the insurance profession can tackle the unmet needs of consumers.

Also at the CII’s AGM, which took place yesterday (4 October), Ian Callaghan was appointed to the role of deputy president. Mr Callaghan is insurer relations director at Kingfisher Insurance.

He said: “Thank you to all the CII members who have supported my election as Deputy President. Your support is very important to me, and I am looking to forward to taking up office in the New Year.”

Alan Vallance, CEO of the Chartered Insurance Institute, said: “I would like to thank Peter for his fantastic, continuing work as President and for his focus on the profession addressing the unmet needs of society and showing the true value of advice.

“I look forward to working closely with Russell as our new President and Ian as our new Deputy President in 2023 on ways to raise public trust in the insurance and financial planning profession.”