Small businesses account for over 70% of losses caused by floods, bushfires

A report by Insurance Australia Group Ltd. said that small businesses accounted for 65% to 72% of the total economic damages suffered by the businesses from the Townsville floods and “Black Summer” bushfires in Australia, Business Adri reported. Regional companies suffered more than $1.5 billion Australian ($1 billion) losses from these events, with several companies underinsured or lacking a flood or business interruption coverage altogether.