ALLIANZ is the latest insurance company to lose faith in Roma after announcing they will no longer offer flood cover.

In a statement released to the Western Star this week, Allianz general manager of corporate affairs Nicholas Scofield said Allianz would suspend the option of flood cover for home and contents insurance policies in Roma.

"Following recent market developments and the lack of government action to mitigate the town's extreme flood risk, Allianz has had to review its approach to flood cover," Mr Scofield said.

"We have decided to suspend the option of flood cover for home and contents policies in Roma."

In another sign of the urgent need for flood mitigation, Allianz would not indicate the parameters of when - or if - its suspension would be lifted, but said it would continue to monitor market conditions and flood risk factors, like mitigation initiatives, and respond accordingly.

Mr Scofield said Allianz would continue to offer its standard home and contents insurance policies which cover other natural perils, including stormwater run-off, but the option of 'riverine' flood cover would no longer be available.

Premiums are almost certain to rise, with Allianz saying it would review its pricing to reflect changes in costs.

"One of the costs that influences pricing decisions is the cost of storm and flood claims," Mr Scofield said.

The suspension comes into effect today, the same day as the first general meeting for the new council where flood mitigation talks are an urgent item on the agenda.

Allianz played its cards close to its chest and as of yesterday, had not formally informed the council of its decision.

But Maranoa mayor Robert Loughnan said the council had been working with insurance companies to ensure they were aware of work to mitigate the impacts of flooding.

"Maranoa's flood mitigation is a matter of extreme urgency for the council and work is taking place to advance the issue," Cr Loughnan said.