Royal London’s finance director Tim Harris has become chairman of the Association of British Insurers’ prudential, financial and taxation committee.
He takes over from Andy Parsons, finance director for insurance at Lloyds Banking Group, who has stepped down as chair of the committee after taking on a new role at the company.
Prior to joining Royal London, Mr Harris was group chief financial officer at Torus Insurance, deputy chief financial officer and chief capital officer at Aviva and a partner at PricewaterhouseCoopers.
ABI chairman Andy Briggs said this is a crucial time for the industry, with changes afoot at home and abroad. “I would like to thank departing chair, Andy Parsons, for his excellent work which I’m confident Tim will continue.”
Mr Harris agreed the UK insurance industry faces some “very significant” challenges in maintaining its competitive position and operating within a developing regulatory, financial reporting and tax environment.
“I look forward to working with colleagues on the committee and as part of the ABI board, influencing government and regulators and helping the insurance industry rise to these challenges and benefit from the undoubted opportunities we currently face.”
On 7 June this year, it was announced Mr Briggs, chief executive of Aviva was to become the ABI’s next chairman.
ruth.gillbe@ft.com
