Governments should offer subsidies to homeowners so they can afford to pay for flood mitigation measures, Swiss Re says.

Writing in a blog post, Head of Australia and New Zealand Sharon Ooi backs industry-wide calls for greater government investment in community resilience projects, but says residents can also help drive down premiums.

“Homeowners and business owners can start thinking about how to mitigate flood damage,” she writes.

“Should they remove carpets for floorboards or even polished concrete? Should they install larger roof gutters and drainpipes? Move electronics and other valued items to the upper floors if they are fortunate enough to live in a multi-storied dwelling?”

Ms Ooi accepts this flood protection work could be costly, and says to ensure all can afford it governments should step in.

“For example, government subsidies for the installation of solar panels have been embraced by homeowners.

“Now that we must acknowledge climate change, governments need to help homeowners and businesses adapt and live with the consequences.

“Why not provide policyholders with government subsidies to retrofit homes and businesses or mitigation measures on new builds, including easily accessible roof storage or elevated homes?”