The Association of British Insurers has revealed that a near doubling of Covid payouts was a major factor in the record £6.8b in payouts on insurance claims in 2021.

Baroness Nicky Morgan is to become the first independent chair of the ABI as the insurance and savings body restructures its senior management.

ABI director general Huw Evans is to quit at the end of the year for a new role as a partner at KPMG in its insurance and long-terms savings practice.

Andy Briggs, group CEO of Phoenix Group and former chair of the ABI, is to chair a new climate change committee for the trade body.