Both took on their roles last summer with the agreement then that they would each serve a year until this summer. 

Due to the challenges of the Covid-19 both have agreed to continue in office for a further year to maintain continuity and stability.

Mr 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.”

Mr Adams said: “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.”

Huw Evans, ABI director general, 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.”