Home insurance policyholders can expect an average 5% rate increase in 2022, according to a report from RatesDotCa. The average cost for home insurance in Ontario in 2021 was $1,342, per RatesDotCa. A 5% increase would translate into a rise of $67 per year, making the average cost $1,409 annually.
How many people buy insurance in Canada?
Other key findings of the 2021 report include: Life and health insurers provided coverage for over 29 million Canadians – or 76 per cent of the population in 2021.
Are we in a hard insurance market 2022?
THE HARD MARKET CONTINUES While more moderate in 2022, most personal and commercial product lines will find this is another year of rising premiums as underwriters work to compensate for losses.
How is the insurance industry in Canada?
In Canada, 77% of insurance company leaders say inflation will increase in 2022 and 85% are anticipating higher interest rates. While the pandemic and its impacts will likely continue for some time, Canada's insurers still expect economic growth to slowly recover in 2022.