Flood mitigation is a long-term project and it will take time to get the message out, according to Actuaries Institute CEO Melinda Howes.

The institute has called for a temporary national flood pool to subsidise the high insurance premiums of people in disaster-prone areas, but it wants any payments tied to action to reduce the risks.

Although many in the industry feel the Federal Government has moved on from addressing flood issues, Ms Howes says it may take a few years to put longer-term solutions into place.

“We understand mitigation strategies take time and money,” she told insuranceNEWS.com.au. But she warns there must be progress because communities, having seen the disaster inquiries, will expect problems to be solved before the next flood.

Under the institute’s proposal, a temporary national pool would fund measures such as levees and moving high-risk properties.

Local governments could receive money for work and policyholders could get premium subsidies – but only if they take action to reduce their risk.

Ms Howes says the fund could operate for 20-30 years. Although many of the mitigation strategies will take years, improving flood information can be achieved more quickly.