He has been nominated for the role and is due to officially take up the position after the ABI’s AGM in October. He succeeds Paul Evans, group chief executive of AXA UK, who has completed his two-year term.

Mr Briggs has been deputy ABI chairman since November 2015 and is currently chairman of the ABI Audit Committee. He joined the group executive and Aviva PLC board in April 2015 to lead Aviva’s enlarged UK Life business following the acquisition of Friends Life Group where he was group chief executive. Prior to that he was CEO of Scottish Widows PLC, CEO of the general insurance businesses of Lloyds Banking Group PLC and CEO of the Prudential Group’s Retirement Income business.

Paul Geddes, CEO, Direct Line group and senior independent director to the ABI board will become ABI deputy chairman. His previous roles include CEO for RBS Group’s UK retail banking business.

Mr Briggs said: “I am delighted to be the next chairman of the ABI. The insurance industry is a core part of the UK economy and one of its major employers, providing financial peace of mind for millions of businesses, homeowners and savers. The ABI plays an important role working closely with government, regulators and others to ensure that the industry promotes best practice, transparency and great value for customers.

“I believe that as an industry our unwavering focus should be to help customers think both about savings, so that they can enjoy a secure and prosperous retirement, and also to protect their families, businesses and belongings when the unexpected happens. I look forward to working with Huw Evans, director general, and his team.”

Current ABI chairman, Paul Evans, said: “It has been a great honour to serve as chairman of the Association of British Insurers over the past two years. I am very proud of the progress Huw Evans and the board have made during this time. The ABI has been reshaped and refocused to best serve its members from all segments of the market, and maintains excellent influence with Government and key stakeholders for the best possible customer outcomes.”

Mr Geddes said: "I am delighted to be chosen as deputy chairman of the ABI and feel that this is a great opportunity for continued collaboration as an industry. I look forward to working with Andy Briggs to keep pressing for reforms where they are needed most. "

The Association of British Insurers is the trade association for insurers and providers of long term savings. It has 250 members including many household names and specialist providers who manage combined investments of £1.9trillion.