The current board leadership will remain in situ until the end of summer 2021

The ABI has confirmed that board chair Jon Dye, chief executive at Allianz Insurance, and deputy chair Julian Adams, director of public policy and regulation at M&G, have both agreed to extend their current contracts in order to serve a full two-year term at the trade association.

Dye and Adams will maintain their existing leadership positions at the ABI until the end of summer 2021.

Huw Evans, director general at the ABI, said: “The insurance and long-term savings sector will continue to face challenging times over the year ahead.

“Committed industry leadership will be critical to navigating this and I’m very pleased Jon and Julian will be completing a full two-year term at such an important time.”

The pair initially joined the trade association’s board last summer, under the agreement that they would serve one year until this summer.

Dye said: “These are critical times for insurers as we continue to address the challenges of the current crisis and provide ongoing support to our customers.

“I am pleased to be able to play a continuing role in helping to define and execute the future strategy of the ABI and to find sustainable, long-term solutions to the issues we are facing.”

Adams added:I am delighted to extend my tenure as deputy chair. This is a challenging environment and I believe that M&G and our wider industry are well placed to contribute to the development of public policy that will promote recovery and long-term prosperity.”