The Insurance Council of Australia (ICA) has called for increased spending on mitigation programs as communities hit by the East Coast storms continue to rebuild.

There is just $52.2 million in funding for the National Partnership on Natural Disaster Resilience for the 2016/17 year, it says. This is well short of the $400 million joint federal and state commitment recommended by the Productivity Commission’s Inquiry into Natural Disaster Funding Arrangements.

“Permanent, well-maintained infrastructure is an investment that will be repaid many times over by lowering the risk to communities, helping ensure economic stability, and reducing the need to spend tens of millions of dollars on natural disaster recovery,” CEO Rob Whelan said.

“Lowering the risk also flows through to the price households and businesses pay for their insurance.”

Both Prime Minister Malcolm Turnbull and Opposition Leader Bill Shorten have voiced the need for increased mitigation measures after touring flood-hit areas in Tasmania.

They need to back up their words with action, ICA says.

“With four weeks of the election campaign remaining, ICA urges both leaders to take the next step and commit to funding projects that will protect at-risk communities from natural disasters,” Mr Whelan said.

“Now is the time for both main parties to match their words with tangible commitments.”