Flood Re, the UK government-backed scheme funded by the insurance industry to improve access to affordable flood insurance, has appointed Michael Murphy as Independent Non-Executive Director and Sue Mulry-Lawson as Interim Chief Risk Officer (CRO).
The changes are subject to regulatory approval and reinforce Flood Re’s strategic mission of ensuring affordable flood insurance for those most at risk, while preparing the UK insurance market for a transition to risk-reflective pricing by 2039.
Murphy has three decades of international experience across general insurance, life & pensions, health insurance, reinsurance, wealth & asset management, consultancy, and technology.
He has held executive and non-executive director roles in Canada Life, Aviva, Willis Towers Watson, and Bank of Ireland.
He currently serves as an independent non- executive director for several regulated life insurance, wealth & retirement businesses in the UK.
Mulry-Lawson has over 25 years of experience in risk and compliance across professional and financial services.
Previously, she has served as Group Chief Risk Officer at Standard P&l Club, Head of Compliance and Risk at Charles Taylor, and Head of UK Compliance at CPP Group.
She is also a qualified solicitor and founder of Ordo Consulting, a risk and compliance advisory firm serving the insurance sector.
Bridget Rosewell, Chair of Flood Re, commented, “These two key appointments demonstrate yet again the quality of people attracted to join us as we set our sights on successfully navigating through the many challenges and opportunities ahead.
“As the impacts of climate change increase, we remain steadfastly committed to ensuring that flood insurance remains available and affordable for those most at risk and ensuring the Scheme’s sustainability through to its planned conclusion in 2039.”
Murphy added, “Flood Re has a crucial role to play in supporting households and communities, helping to make affordable home insurance available to homeowners whose homes are at risk of flooding and working with the insurance market and the UK as a whole to prepare for the transition to risk-based pricing for flood insurance.
“I look forward to supporting its mission and helping to drive positive change-through promoting property-level flood resilience, influencing planning policy and engaging with the insurance and reinsurance markets.”
Mulry-Lawson stated, “I’m delighted to be taking on the challenge of interim CRO at this crucial time for Flood Re. The organisation’s unique mission continues to play a vital role in helping the UK adapt to the increasing risk of flooding, and I look forward to contributing to its success in a changing regulatory and economic landscape.”
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