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4 Trends Affecting Insurance Rates in 2022

Business Insurance

By Samantha Lemna | March 15, 2022

The hard insurance market continues into 2022 complete with rate increases across the board of products. However, the industry is stabilizing, and most customers will see single-digit percentage increases with a few exceptions such as cyber liability coverage holders.  

 Here are four trends that may affect your insurance rates in 2022: 

  1. Historically low interest rates. 
  2. Cybercrime. 
  3. Climate change and natural disasters.
  4. Increasing repair and replacement costs  

Historically Low Interest Rates 

Low interest rates generally mean lower profitability for insurance companies. As interest rates have been historically low for the past few years, this means decreased profitability for most insurers. Claims still need to be paid out and one solution may be to raise rates.  


Cybercriminals target businesses of all sizes in every industry. As a result, cyber claims continue to drastically increase year over year. This has been fueled by the transition to remote work and digital solutions over the last few years.  

Cyber claims can be very expensive, causing insurers to raise prices to meet the costs and frequency of claims. Cyber products are seeing some of the most significant rate increases in 2022. 

It’s important to mitigate your cyber risks. Here are some of our articles with tips: 

Climate Change & Natural Disasters 

Climate change means that weather events and natural disasters are more frequent and severe. This has directly resulted in an increase in claims for wildfire, hail, wind and flood damage. These events are extremely costly with many claims being submitted at once. Material and labour shortages often follow such disasters, again pushing up costs and delaying claim resolution.  

Investing in mitigation measures can help protect your property, whether it’s your home or your business. Here are a few of our articles that can help: 

Increasing Repair & Replacement Costs  

The pandemic has created global supply chain issues as well as local labour shortages. This has increased labour and material costs, forcing the cost of claims to rise. This has led to delays in repairs as well as rising premiums. The most important thing is to ensure your property is insured to its proper replacement value. You may need a specific appraisal. Speak to your broker for more information.  

Rising Insurance Rates 

We understand that rising insurance premiums affect you. If you have questions or concerns about your rates, please contact your broker. There are several things we can do, including: 

  • Remarketing your business to other insurers. 
  • Advising on measures to lower premiums. 
  • Reviewing your coverage to ensure you’re not over or underinsured. 

You can read the full 2022 insurance market trends report here.

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