Bob Scott, group chief executive of CGNU, has been appointed chairman of the Association of British Insurers.

He succeeds Sandy Leitch, chief executive of Zurich Financial Services, who has completed two years as ABI chairman.

Scott said: "The insurance industry is one of Britain's success stories, playing a pivotal role in the economic prosperity of the country, including an important contributor to overseas earnings.

"Almost 30% of UK personal wealth is managed by the insurance industry.

"Yet, in an era of change and challenges, never has it been more important for our industry to focus on delivering the products and service to meet ever-changing consumer needs."