Brisbane City Council has announced an industry-backed $12 million flood mitigation program.

Suncorp and the Insurance Council of Australia (ICA) helped develop the two-stage Flood Resilient Homes Program, which will be delivered over four years.

“The plan will work towards reducing the number and severity of claims, which in turn paves the way for hip-pocket relief through insurance policy premium reductions,” ICA GM Risk Karl Sullivan told insuranceNEWS.com.au.

“Investment in flood damage mitigation measures that reduce flood impact across Brisbane’s vulnerable suburbs are of huge benefit to the peace of mind of residents, business owners and the overall community.

Eligible homeowners will receive up to $50,000 to retrofit flood resilience upgrades.

“This announcement supports the work we’ve been leading to help Queenslanders make their communities more resilient,” Suncorp Insurance CEO Gary Dransfield said.

“Over time, effective mitigation pays for itself and delivers enormous personal and economic benefits.

“Many communities could be better-protected and pay lower premiums with the right funding and government policies in place.”

The program will be introduced this year in two pilot precincts where properties are at risk of flash flooding once every two years.