week commencing 07/10/18:

This has been weather week: stark warnings of climate change, flash flooding in Majorca and Hurricane Michael to name but a few. For a round up of these and other insurance news read on.

Tension over strategy pushes Aviva CEO out
The carrier’s desire for ‘new leadership’ has unseated Mark Wilson, its CEO of six years. The move comes amid ongoing tension surrounding strategy and share price.  [Financial Times]

 Insurers react to urgent new climate warnings
Insurance companies are evaluating their position following this week’s dire warnings that we are rapidly running out of time to save the planet.  [Financial Times]

 Hurricane Michael makes landfall in Florida
First estimates suggest losses of less than $10 billion after Hurricane Michael made landfall in the Florida Panhandle.  [Insurance Insider]

 Lancashire’s Q3 profit warning hits shares
Lancashire cited the fallout from marine events and natural disasters as its shares dropped 7% following a Q3 profit warning.  [Insurance Day]

 Neon to set up new consortium
Neon is collaborating with former Aspen underwriter Martin Jackson on an aviation hull deductible business consortium.  [Insurance Insider]

 Cyber-attacks could sink shipping sector
According to a new report, the marine sector is extremely vulnerable to the emerging threats of cyber-attacks and data theft.  [Reactions

Lloyd’s offers reassurances on EEA claims
Lloyd’s has committed to pay EEA claims regardless of what may or may not happen during Brexit’s transition period.  [Insurance Insider]

Acko amps up expansion
Acko, which is backed by Amazon, is hoping to significantly boost its customer base and the data it holds by focusing on “high velocity customer acquisition” through micro insurance.  [Insurance Post]

Scrutiny moves onto ethnic pay gap 
Following on from the recent gender pay gap reporting, Theresa May has announced plans for an ethnic pay gap report, in which companies would have to publish the pay gap between staff of differing ethnicities.  [Financial Times]


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